Global charity Oxfam has warned that the rising price of food caused by Russia’s invasion of Ukraine and increased energy costs could push a quarter of a billion more people into extreme poverty. The Guardian reports that Oxfam’s briefing, released on Tuesday ahead of World Bank and IMF spring meetings next week, said indebted governments could be forced to cut public spending to meet the rising cost of importing fuel and food, but that cancelling debt repayments for this year and next could free up $30bn for dozens of the countries facing the biggest debts. The charity said rising costs could see food account for 40% of incomes in sub-Saharan Africa, criticizing lack of action from governments to tackle rising poverty as “inexcusable”.
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