Ukraine war to push millions to extreme poverty: Oxfam
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It is wrong to assume that with the end of a war things could go back to normal.
It will not be so at least in the case of the war currently raging in Ukraine where thousand are hard put to survive from one day to the next.
Its repercussion could travel farther afield, pushing a quarter of a billion more people into extreme poverty, Oxfam has warned.
Food prices are rising globally after Russian invaded Ukraine, because both nations contribute largely to stabilising the world's food security.
Oxfam said these new challenges had piled on to the economic crises created by Covid, and called for urgent international action, including cancelling debt repayments for poorer countries, The Guardian reported.
Oxfam's international executive director, Gabriela Bucher predicted the "profound collapse of humanity into extreme poverty". Oxfam chief urged for radical action to end the crisis.
Ahead of World Bank and IMF meetings, Oxfam said debt-ridden governments would cut public spending, to meet the rising fuel and food prices.
Cancelling debt payments for the current and next year, according to the charity, could help free up $30bn for dozens of nations in debt.
The Guardian reported the World Bank's estimate of 198 million people being pushed into extreme poverty this year from pandemic.
Oxfam expects 65 million more people are at risk following the Ukraine invasion and rising energy prices. Subsequently, as many as 28 million more people to be left undernourished.
Oxfam wants taxes hiked on the wealthiest as well as the companies that profit from crises and asked G20 to earmark $100bn as austerity fund for poor countries.
War in Ukraine, according to UN's Food and Agriculture Organisation, made food commodities more expensive than ever.
Disrupted grain imports from the Black Sea region could particularly hit the Middle East and parts of Africa, and rising food prices could bite off 40 per cent of incomes in sub-Saharan Africa.
