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Political Science > Agriculture & Food Policy

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Cover Policy Papers
Proposal for a Food Shock Window Under the Rapid Financing Instrument and Rapid Credit Facility
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
Russia’s war in Ukraine has exacerbated global economic pressures, including through a food shock. The war and food-related spillovers—higher import prices for food and fertilizer and disruptions in supply lines for food importers, and a loss of revenue for some food exporters—add to urgent balance-of-payments (BOP) needs of many Fund members. They have also exacerbated acute food insecurity, now affecting 345 million people. While the best response to address BOP pressures would generally involve an Upper Credit Tranche-quality program, such a program may not be feasible in some cases or necessary in others. This paper proposes a time-bound food shock window under the Rapid Financing Instrument (RFI) and the Rapid Credit Facility (RCF) to provide support to members in such situations. The new window would be temporary and provide low-access emergency financing that increases the amounts currently available under the RFI/RCF. Members would need to demonstrate urgent BOP needs and meet a set of qualification criteria related to the global food shock. The window would be available for 12 months from the date of Board approval of the window. Countries requesting financing under the window would also need to meet the standard qualification criteria under the RFI/RCF.
Keywords:
emergency financing instrument; UCT-quality program; emergency financing Access; SMP policy; Food shock window; urgent balance of payments; Emergency assistance; Balance of payments need; Food security; Agricultural commodities; Credit; Global
Cover Policy Papers
The Managing Director’s Global Policy Agenda, Spring Meetings 2022: The Global Economy Under Stress: Repercussions, Response, and Resilience
International Monetary Fund
The global policy agenda that follows recalibrates priorities to meet the new reality we are facing. The IMF also continues to adjust to respond to the rapidly evolving needs of our membership. Our flexibility has been evident over the past two years of the COVID crisis: unprecedented emergency financing; a historic Special Drawing Rights (SDR) allocation; an innovative plan to end the pandemic. Now, as we face another crisis on top of a crisis, we will continue to step up and support our member countries in every way we can—with financial resources, policy advice, and capacity development—working in collaboration with our international partners.
Keywords:
global economy under stress; price pressure; scarring effect; global economy well; country delivery; COVID-19; Food security; Global