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Yellen says G20 must act to address short-term food insecurity crisis

U.S. Treasury Secretary Janet Yellen on Friday urged Group of 20 major economies to take urgent action to address a short-term food insecurity crisis exacerbated by Russia’s war in Ukraine, and avoid market-distorting export restrictions and stockpiling. Yellen, speaking at a meeting of G20 finance officials in Indonesia, said countries should target fiscal support measures to help those most in need, rather than adopting costly and regressive blanket subsidies. She also called on G20 members to boost their spending to address existing food security challenges linked to conflict, climate change, and economic shocks from the COVID-19 pandemic that had grown worse due to war-related increases in food, fertilizer and fuel prices.


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