U.S., global banks announce plan to moderate worldwide food security crisis

The U.S. Treasury Department along with several global development banks and other groups on Wednesday announced a multi-billion dollar plan to hopefully blunt a worldwide food security crisis "worsened by Russia's war in Ukraine," The Associated Press reports.

"The economic outlook globally is challenging and uncertain," U.S. Treasury Secretary Janet Yellen said Wednesday. "And higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world." Considering Russia and Ukraine produce a third of the global wheat supply, the conflict has sent food prices soaring.

The Treasury Department said that several global development banks are "working swiftly to bring to bear their financing, policy engagement, technical assistance" so as to stave off any starvation caused by the war, as well as increasing food costs, per AP. Billions will be allocated toward things like support for farmers and land development for food production, among other issues.

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The plan also arrives after Yellen in April urged powerful nations to brainstorm ways to combat the impending crisis as the war in Ukraine continues. In an additional piece of the efforts, U.S. Secretary of State Antony Blinken is set to convene meetings focused on food insecurity over the next few days.