The International Monetary Fund said its executive board approved a new mechanism for low-condition emergency loans to help vulnerable countries cope with food shortages and rising costs stemming from Russia's war in Ukraine.
The IMF said its new Food Shock Window will be open for one year through its existing Rapid Credit Facility and Rapid Financing Instrument programs for countries with urgent balance of payment needs that "are suffering from acute food insecurity, a sharp food imports shock, or from a cereals export shock."
