Leading food systems experts are warning the food-price crisis is entering a dangerous new phase, as the world teeters on the brink of a debt crisis that could plunge millions more into global hunger.
The IPES-Food (International Panel of Experts on Sustainable Food Systems) special report comes as global leaders meet in Qatar to address challenges faced by the world’s least developed countries, with ‘debt sustainability and debt cancellation’ on the agenda.
A year after Russia’s invasion of Ukraine, record-high food prices have receded, but growing numbers of countries are facing rising hunger and soaring debt repayments according to the report.
60% of low-income countries are now considered at high risk of, or already in, debt distress, while some 21 countries are nearing catastrophic levels of both debt distress and food insecurity.
Zambia, Sri Lanka, and Suriname already defaulted on their debts; Ghana and Pakistan are currently in urgent talks to avoid default, the report said.
Source: agriland