Washington: The Japanese government said Friday that it will contribute about 7 million dollars to a new financing framework to deal with food crises, set up by the International Finance Corporation, a member of the World Bank Group.

Tokyo announced the move at a meeting in Washington of the joint development committee of the International Monetary Fund and the World Bank.

The new framework is aimed at promoting the improvement of productivity and the strengthening of supply chains through loans to private food producers and suppliers.

The IFC has called on governments around the world and the private sector to provide 3 billion yen for the 6-billion-dollar lending framework.

Including the 7-million-dollar contribution to the IFC framework, Japan plans to provide a total of 20 million dollars to the World Bank Group for projects including those to boost the food production capacities of developing countries in the medium to long term.

Meanwhile, the joint development committee failed to adopt a joint statement as members could not reach an agreement regarding its response to the Russian invasion of Ukraine.

The International Monetary and Financial Committee, which advises the IMF, also held a meeting the same day and adopted a chair’s statement condemning Moscow for the invasion.

On the global economy, the statement said, “Financial conditions are tightening, while capital flow and exchange rate volatility have increased.”

JIJI Press