U.S. Treasury Secretary Janet Yellen said on Thursday that a multilateral food security program would soon announce new funding to help build resilient and sustainable agriculture and food systems, particularly in Africa.
Yellen said in remarks at a food security session at the U.S.-Africa Leaders Summit that the funding plan would soon be announced by the Global Agriculture and Food Security Program, a fund created in response to the 2008-2009 global financial crisis.
The program has seen stepped-up support this year in response to Russia's war in Ukraine, which has caused a spike in food prices and reduced grain shipments from the Black Sea region. Yellen said these efforts were "making a difference for the most vulnerable in Africa," but more needed to be done, including in areas such as food supply chain development, agriculture research, logistics and infrastructure.
"G20 leaders recently highlighted the importance of a robust global food security response," Yellen said. "Under India's G20 presidency, we will be mapping the existing policy responses to identify any gaps, analyze the spillover effects from food and energy insecurity, and consider how macropolicy tools can be used by G20 economies to address these challenges."
(Reporting by David Lawder in Washington; Editing by Leslie Adler)
