Bangkok:The International Monetary Fund (IMF) has highlighted the significant impact of the ongoing food security crisis on economies worldwide, including in Southeast Asia. The crisis, driven by climate change and geopolitical conflicts, has increased production costs and food prices, affecting the cost of living. The IMF stresses the need for measures to protect vulnerable groups and implement sustainable solutions.
According to Thai News Agency, the issue was a key topic at the 'Food Security in an Age of Shocks' seminar during the 2026 Annual Meeting of the Board of Governors of the International Monetary Fund and the World Bank Group at the Queen Sirikit National Convention Center.
Rodrigo Valdés, Director of Fiscal Affairs at the IMF, opened the seminar by noting the recent series of food price shocks caused by conflict, logistical disruptions, extreme weather, and volatility in energy and fertilizer costs. These factors have adversely affected food production and accessibility.
The global food security situation is further strained by climate variability, such as El Niño, droughts, and rising temperatures, which reduce agricultural yields, particularly in Southeast Asia. Additionally, volatile energy and fertilizer costs pose risks to food prices and living standards.
Valdés emphasized that the volatility of global food prices and their ripple effects on individual countries are alarming. He warned that a combination of extreme weather and rising energy costs could lead to rapid increases in food prices in countries where a large share of income is spent on food.
The food crisis also impacts government fiscal positions, necessitating increased public assistance budgets amidst income constraints and debt burdens. Preparing social protection systems before a crisis, including citizen databases, payment systems, and targeted support measures, is crucial for providing rapid assistance and efficiently utilizing resources.
IMF Deputy Managing Director Nigel Clarke stated that food insecurity is becoming a persistent risk to the global economy, affecting agricultural production due to extreme weather and market disruptions caused by conflicts in the Middle East and Ukraine.
This crisis emerges as many countries face high debt, rising interest costs, and limited fiscal resources, particularly affecting low-income and vulnerable nations. These countries must balance support for citizens with the economic pressures they face, ensuring long-term economic stability and fiscal security.
Somalia's Finance Minister, Bihi Iman Egeh, highlighted the country's simultaneous crises, including drought, floods, internal instability, reduced development aid, and conflicts in the Middle East, which have increased food and energy costs. Burkina Faso's Minister of Economy and Finance, Aboubakar Nacanabo, described food security as an issue impacting the economy, society, and security, noting the challenge of supporting vulnerable households with limited resources.
The seminar underscored that the food security crisis extends beyond directly affected countries, impacting global supply chains and commodity prices. Addressing it requires building resilience in food systems, protecting human resources, and maintaining economic stability.