A new financing facility was unveiled to bolster efforts in mitigating the food crisis.
IMF’s Executive Board approved on 30 September 2022 a new Food Shock Window under its emergency financing instruments, the Rapid Credit Facility and Rapid Financing Instrument.
The IMF underscored that the combination of climate shocks, the pandemic and regional conflicts has disrupted food production and distribution, driving up the cost of feeding people and families.
With this backdrop, the said facility will offer additional access to emergency financing to nations that have urgent balance of payments requirements and are experiencing acute food insecurity, a sharp food imports shock, or from a cereals export shock. The new financing window will be open for one year.