Browsing: Russia Ukraine war

African Development Bank Group Grants Togo $5 Million for food security

Over the course of the two agricultural seasons that will comprise 2022 and 2023 in Togo, the country anticipates producing an additional 37,500 tonnes of grains. The food and nutrition security of approximately 120,000 additional people will be improved.

The National Food Security Agency, Management Pool and Agricultural Input Supply, the Advisory and Technical Support Institute, and the Agricultural Financing Incentive Mechanism are just some of the organisations that benefit from the comprehensive capacity-building component in the works for the Togolese agricultural sector.

The AfDB Group launched a US$1.5 billion African Emergency Food Production Facility on May 20, 2022, to address the effects of the war between Russia and Ukraine, leading to soaring food prices worldwide. The facility aims to provide agricultural seeds to 20 million producers across Africa.

This facility was launched in order to address the effects of the war between Russia and Ukraine, which has led to soaring food prices worldwide (wheat, rice, maise and soybeans). Over the following two years, the objective is to increase food production by an additional 38 million tonnes, which would be worth US$12 billion.

Further, the IMF argued that the ECF arrangement for Tanzania supports government priorities, strengthening fiscal space for much-needed social spending and high-yield public investment, resuming and advancing the authorities’ structural reform agenda and strengthening financial deepening and stability.

Moreover, the IMF statement noted that “the ECF arrangement is centred on supporting the economic recovery from the scarring effects of Covid-19 and coping with spillovers from the war in Ukraine; preserving macroeconomic stability, and advancing the structural reform agenda toward sustainable and inclusive growth.”

On a broader scale, the IMF’s financial support goes after levitating Tanzania’s essential priorities.

Further, the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day. This would be on the back of continued recovery against the COVID-19 pandemic.

The country’s demand for the commodity increased by 5.61 per cent from 4.51 million barrels per day in 2020 to 4.76 million BPD in 2021.

OPEC further noted that oil demand would recover in 2022, amid the expected containment of the Omicron variant of COVID-19 and economic growth of 7.2 per cent this year.