Arab Press

بالشعب و للشعب
Thursday, Apr 09, 2026

Biden Price Hikes: U.S. Treasury Secretary Yellen to meet with top finance ministers to address global food crisis

Biden Price Hikes: U.S. Treasury Secretary Yellen to meet with top finance ministers to address global food crisis

Treasury Secretary Janet Yellen will meet with global ministers to address a food crisis caused by sanctions against Russia.
Treasury Secretary Janet Yellen will this week meet with ministers from the globe’s leading industrial nations to address a growing international food crisis caused by Russia’s invasion of Ukraine.

Yellen and her deputy, Wally Adeyemo, are set for a packed agenda across seven days of high-level economic meetings that kicks off Monday in Washington with leaders of the International Monetary Fund, World Bank, Group of Seven and Group of 20 largest economies.

The pair plans to use the IMF and World Bank spring meetings to discuss how the U.S. and its allies can work together to ensure that countries that rely on wheat and fertilizer exports from Russia and Ukraine don’t face widespread food shortages thanks to the European war.

“Secretary Yellen is deeply concerned about impacts that Russia’s reckless war are having on the global economy, including the risk rising food insecurity in emerging market and developing countries around the world, particularly as which are still struggling to recover from the pandemic,” a senior Treasury official told reporters Monday morning.

“The secretary believes the Russian invasion of Ukraine has demonstrated the need for the world’s largest economies to stand together to defend international order and protect peace and prosperity,” the official added.

IMF leader Kristalina Georgieva, World Bank President David Malpass and Gilbert Houngbo, president of the International Fund for Agricultural Development, each plan to attend at least some portion of the weeklong flurry of meetings.

Yellen will also hold a closed-door meeting with the prime minister of Ukraine, Denys Shmyhal. The Treasury Department said the two plan to talk over the Biden administration’s support for Kyiv and efforts to hobble the Russian economy, but did not offer further details.

The economic summit comes a week after the United Nations warned in a memo that Russia’s assault on Ukraine sparked a “perfect storm” of disruptions to global food, energy and financial markets that “threatens to negatively affect the lives of billions of people around the world.”

The U.N. memo also noted that Russia and Ukraine produce about 30% of the Earth’s wheat and barley and provide the majority of the wheat bought by 36 countries. Many of those include some of the poorest nations on Earth, the report said.

Russia and its ally, Belarus, also export roughly 20% of the world’s fertilizers, threatening the globe’s agricultural production.

Thanks to the war and supply-chain pressures caused by the Covid-19 pandemic, food prices are at the highest levels ever recorded by the United Nations Food and Agriculture Organization, up 34% from this time last year.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
King Street Aligns with Saudi Sovereign Wealth Fund to Expand Alternative Investments in Middle East
Attack on Saudi Arabia’s Jubail Petrochemical Hub Raises Global Supply Concerns
Debate Emerges Over Saudi Strategic Decisions as Gulf Cooperation Council Dynamics Come Into Focus
Saudi Arabia Expands Full Workforce Localisation to 69 Professions in Major Labour Reform
Emerging Alliance of Pakistan, Turkey, Egypt and Saudi Arabia Signals New Regional Power Dynamic Amid Iran Conflict
Iran Linked to Strikes Across Gulf States Following Refinery Attack Escalation
Saudi Arabia Voices Concern Over Fragile US–Iran Ceasefire Stability
Starmer Warns Sustained Effort Needed to Ensure US–Iran Ceasefire Holds
Saudi Arabia’s Key East-West Oil Pipeline Targeted Following Ceasefire Announcement
Iran Targets Saudi Arabia’s East-West Oil Pipeline in Escalating Regional Tensions
Trump Warns of Civilizational Stakes as Iran Halts Negotiations
Saudi Companies Expand Remote Work Measures Ahead of Iran-Related Security Concerns
Iran Warns of Strikes on Saudi Energy Infrastructure if US Targets Its Facilities
Iran Urges Civilians to Form Human Shields Around Nuclear Sites as Diplomatic Deadline Approaches
Saudi Arabia Raises Oil Prices to Record Premiums Amid Supply Pressures Linked to Iran Conflict
Key Saudi-Bahrain Causeway Closed Amid Heightened Security Concerns Linked to Iran
Formula One Calendar Gap Explained as Fans Await Next Grand Prix
Growing Strain on the Petrodollar System Comes Into Focus Amid Iran Conflict
Reported Strike on Saudi Arabia’s Jubail Complex Raises Global Energy Supply Concerns
FedEx Introduces New Digital Tool to Streamline Imports into Saudi Arabia
Iran Claims Strike on Saudi Arabia’s Jubail Petrochemical Complex Amid Rising Regional Tensions
Taiwan to Source Oil Shipments from Saudi Arabia’s Red Sea Ports
Saudi Arabia Evacuates Riyadh Financial District as Precaution Amid Regional Tensions
Saudi Arabia Balances Ambitious Economic Vision Amid Regional Tensions and Financial Pressures
Budget Saudi Arabia Reports Strong Full-Year 2025 Financial Performance
Saudi Arabia Expands Investment in Capcom With Stake Reaching Six Percent
Saudi Arabia Assesses Significant Economic Impact From Regional Conflict Involving Iran
US Beef Secures Expanded Market Access in Saudi Arabia
Jordan and Saudi Arabia Declare Absolute Solidarity in Response to Iranian Threats
Saudi Arabia Raises Oil Prices to Record Premium Amid Strong Market Demand
California’s Salton Sea Emerges as Strategic Lithium Hub for Clean Energy Future
Iranian Drone Strike on US Embassy in Saudi Arabia Reportedly Targeted Intelligence Facility
Saudi Deputy Foreign Minister Meets French Embassy Official to Strengthen Bilateral Engagement
Saudi Arabia Calls on United States to Seize Strategic Opportunity to Reshape Middle East
Dating Apps Surge in Saudi Arabia as Social Norms Rapidly Evolve Among Youth
Saudi Arabia Detains Over Fourteen Thousand Illegal Residents in Week-Long Enforcement Drive
Saudi Foreign Minister Engages in Diplomatic Talks with Pakistan, Kuwait and Latvia on Regional Developments
Saudi Arabia Intercepts Cruise Missile as Regional Tensions Intensify
Saudi Stock Market Edges Higher as Tadawul Index Records Modest Gain
Underlying Rivalry Between Saudi Arabia and UAE Persists Despite Temporary Calm
Saudi Arabia’s Non-Oil Sector Contracts in March as Regional Tensions Weigh on Business Activity
Saudi Arabia Unveils Ambition to Establish Prestigious Global Prize Rivaling the Nobel
Saudi Crown Prince to Engage Wall Street in Push for Investment and Economic Expansion
Iran Accuses Saudi Arabia and UAE After Downing of Chinese-Made Drone
Saudi Arabia Condemns Attack on Hospital in Sudan, Calls for Protection of Civilians
Coordinated Drone Strike Targets CIA Facility Within US Embassy in Saudi Arabia
Italy’s Meloni Prioritises Energy Security and Strait of Hormuz Stability During Gulf Tour
Uncertainty Emerges Over Timeline and Direction of Saudi Arabia’s Ambitious Ski Resort Project
UAE and Saudi Arabia Escalate Strategy with Drone Operations Targeting Iran
Trump Delivers Characteristic Remarks on Saudi Crown Prince Amid Intensifying Iran Conflict
×