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Russia's war in Ukraine has exacerbated food insecurity that had already been on the rise for half a decade. Low-income countries are affected the most. This note suggests that the food and fertilizer price shock would add USD 9 billion in 2022 and 2023 to the import bills of the 48 most affected countries. The budgetary cost of protecting vulnerable households in these countries amounts to USD 5-7 billion. Strong and timely action on a global scale is needed to support vulnerable households through international humanitarian assistance and domestic fiscal measures; to maintain open trade; to enhance food production and distribution; and to invest in climate-resilient agriculture. The IMF has been stepping up its engagement to help tackle the global food crisis, working closely with partners, by providing policy advice, capacity building and financing. IMF financing is a third line of defense in meeting external financing needs associated with the global food shock, which should ideally be covered by donor grants and concessional borrowing from MDBs. A new food shock window under the emergency financing instruments is expected to be approved soon to further strengthen its lending response to the food crisis.

Food supply.

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The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal findings are that (i) debt levels tend to increase significantly post-crisis, and (ii) countries often experience more rigid debt structures following such events, with an increase in the share of external public debt to multilateral creditors and a greater exposure of the domestic banking system to sovereign debt.

Debts, Public. --- Electronic books. -- local. --- Financial crises. --- Political Science --- Law, Politics & Government --- Public Finance --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Crises --- Debt --- Bonds --- Deficit financing --- Exports and Imports --- Financial Risk Management --- Debt Management --- Sovereign Debt --- Financial Crises --- International Lending and Debt Problems --- Public finance & taxation --- Economic & financial crises & disasters --- International economics --- Financial crises --- External debt --- Domestic debt --- Public and publicly-guaranteed external debt --- Debts, Public --- Debts, External --- Uruguay

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In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.

Banking --- Banks and Banking --- Banks and banking --- Banks --- Capacity --- Capital --- Deflation --- Demand and Supply of Labor: General --- Demographic Economics: General --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Demography --- Depository Institutions --- Education --- Education: General --- Income economics --- Inflation --- Infrastructure --- Intangible Capital --- Investment --- Labor market --- Labor markets --- Labor --- Labour --- Macroeconomics --- Micro Finance Institutions --- Mortgages --- National accounts --- National Security and War --- Population & demography --- Population and demographics --- Population --- Price Level --- Prices --- Saving and investment --- Jordan