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Added on the 25/05/2022 10:23:43 - Copyright : France 24 EN
This year's World Economic Forum in Davos has been dominated by the war in Ukraine and its implications on the global economy. With the drop in grain exports from the region, concern is growing over a looming food crisis. FRANCE 24's Business Editor Kate Moody spoke to IMF Managing Director Kristalina Georgieva, who criticised food export restrictions by countries such as India for "only making a crisis worse". She also called for governments to help "speed up" agricultural production "where this is still possible".
Our Business Editor Kate Moody has been speaking to the head of the European Bank for Reconstruction and Development (EBRD) at the World Economic Forum in Davos. EBRD head Odile Renaud-Basso explained how the institution, which was already present in Ukraine before the Russian invasion, has been "shifting" its support for Kyiv since February 24. She also expressed concern over the rise in energy and food prices for developing and emerging countries and the looming risk of a "food crisis".
The head of the IMF warns that Western subsidies to combat climate change and encourage the transition to clean energy sources risk hitting developing and emerging markets. "My biggest concern is that something that in principle is very good to accelerate the transition to the green economy by using public money to step up private investment... may not serve well the emerging markets and the developing world," Kristalina Georgieva says at the World Economic Forum in Davos. SOUNDBITE
"The loss to the European people is quite, quite dramatic," Kristalina Georgieva told Euronews.
IMF chief Kristalina Georgieva warns the global recession risks are rising and urges policy action "to regroup and to rethink how can we adopt a more proactive precautionary mindset that we had in the past." SOUNDBITE
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