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This is a joint post with Owen McCarthy.
At the next meeting of its Executive Board in Rome on November 8, the management of the World Food Programme (WFP) will propose an expanded financing facility to the tune of $557 million to fund advance purchases of food. This is a welcome news that has the potential to cut hunger, by stretching WFP dollars and speeding deliveries.
An illustrious lineup was on hand today at the U.S. Treasury for the launch of the somewhat awkwardly named Global Agriculture and Food Security Program (GAFSP), a multidonor trust fund that the global leaders promised to create at the G-20 Summit in Pittsburgh last September. The new fund’s goal: to help countries reduce poverty and hunger by increasing investments in agriculture, particularly amongst smallholder farmers. Speakers included U.S.
The World Food Programme feeds almost 100 million people around the world. It has a world class logistical capability but its financial risk management capacity is extremely limited. In a new paper coauthored with Benjamin Leo and Owen McCarthy, I argue that the World Food Programme must be empowered to actively manage price risk, using financial markets to feed more people in a timely manner. The United States and other significant funders can also play a significant role.