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A new paper by IMF staff estimates the impact of higher import costs for food and fertilizer for those highly exposed to food insecurity will add US$ 9 billion to balance of payments pressures of crisis hit countries in 2022 and 2023. This will erode international reserves, and their ability to pay for food and fertilizer imports.
“In many places, even though food prices have eased somewhere from recent peaks, still high food—and energy—prices have fuelled a cost-of-living crisis that is likely to increase poverty and hurt growth, potentially fuelling political instability,” the IMF said in its latest blog.
As a result, policymakers in many countries have introduced fiscal measures to protect people from the current food crisis. For this year alone, The IMF estimates that highly exposed countries need as much as US $ 7 billion to help the poorest households cope.
<p align="justify" style="color: rgb(34, 34, 34); text-indent: 0pt; margin: 0pt 0pt 18.75pt; padding: 0pt; text-align: justify; line-height: 18.24px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial; font-family: "Times New Roman"; font-size: 12pt;"><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">A new paper </span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">by IMF staff estimates the impact of higher import costs for food and fertilizer for those highly exposed to food insecurity will add </span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">US</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">$</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> </span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">9 billion</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> to balance of payments pressures</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> of crisis hit countries </span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">in 2022 and 2023. This will erode international reserves, and </span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">their</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> ability to pay for food and fertilizer imports</span><span style="text-indent: 0pt; font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">.</span></p> <p align="justify" style="color: rgb(34, 34, 34); text-indent: 0pt; margin: 0pt 0pt 18.75pt; padding: 0pt; text-align: justify; line-height: 18.24px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial; font-family: "Times New Roman"; font-size: 12pt;"><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">“</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">In many places, even though food prices have eased somewhere from recent peaks, </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">still high food—and energy—prices have </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">fuelled</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> a cost-of-living crisis that is likely to increase poverty and hurt growth, potentially </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">fuelling</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> political instability</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">,” the IMF said in its latest blog.</span></p> <p align="justify" style="color: rgb(34, 34, 34); text-indent: 0pt; margin: 0pt 0pt 18.75pt; padding: 0pt; text-align: justify; line-height: 18.24px; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial; font-family: "Times New Roman"; font-size: 12pt;"><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">As a result, policymakers in many countries have introduced fiscal measures to protect people from the current food crisis. For this year alone, </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">The IMF </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">estimate</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">s</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> that highly exposed countries need as much as </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">US </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">$</span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;"> </span><span style="font-family: Calibri; line-height: 16.72px; color: rgb(33, 37, 41); letter-spacing: 0pt; font-size: 11pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-origin: initial; background-clip: initial;">7 billion to help the poorest households cope.</span></p><center><a href="https://www.hi.lk/himag" target="_blank"><img src="https://bmkltsly13vb.compat.objectstorage.ap-singapore-1.oraclecloud.com/cdn.sg.dailymirror.lk/assets/uploads/advr_7fec3b236e.jpg" /></a></p></center> <div class="yj6qo" style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; font-size: small;"> </div> <div class="gmail_default adL" style="font-size: small; font-family: "comic sans ms", sans-serif; color: rgb(61, 133, 198);"><span style="font-size: 11pt; font-family: Calibri; text-align: justify; color: rgb(34, 34, 34);"> </span></div></p>
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