How to guarantee Latin America’s food security in the present and the future
Latin America and the Caribbean (LAC) have been severely impacted by the global financial crisis. The buying power of all households, and yet particularly the poorer ones who constitute a substantial portion of their earnings on food and utilities, has been weakened by increasing gas and food costs. Food markets or food events do not exhibit this growth.
For certain households throughout the region, it is now inconceivable to keep bread on the tables. Many people skip a meal because they can’t even afford to.
The crisis of food security in Latin America
As per the World Bank, over 30% of families in nations in the Andean, Caribbean, and Central American regions are affected by this. An instant and long-term business strategy reaction is required in order to address the scenario. Global food prices had been rising since the Russia-Ukraine conflict challenged it by stifling barter in food, fuel, and fertilizer.
Long-term assurance of food security
States in the region must come up with a suitable mix of quick fixes to protect the poor from rising food prices and long-term solutions to make sure the meal supply is reinforced and retained.
The following four actions are crucial for enhancing food security:
1. Guard the most helpless
Many families are experiencing severe budget and opportunity to engage as a result of the rising cost of food. Over 30% of families in the Caribbean, Central America, and Andean regions of the world decided to skip a dinner in the previous 30 days, making these issues especially acute there. Governments are required to make sure that everyone has access to enough wholesome food.
The environment is crucial in this case. In countries where food is available however the primary access limitation is high cost, susceptible households may benefit from well-targeted direct payment initiatives. In countries where food prices are minimal but soil conditioner and oil prices have risen, it is critical to keep agricultural investments in order to sustain food productivity while retaining supplies and stocks steady in the short- to medium, into the next cultivation.
2. Continue supplying markets with food
When there is a global food price emergency, there is pressure on policymakers to reduce future domestic food price increases or to raise the supply of food, for instance by altering agricultural trade restrictions on food imports or exports. Almost never do these strategies succeed according to many food news. Due to the disruption of the price signals necessary for effective food markets, they typically cause more damage than good. Agricultural and food markets or food events need to be kept open on a geographic and global scale for trade to continue and for farmers to have the proper bonuses to increase production for the following harvest.
3. Continue farming today
The best way to reduce pressure on high food prices is to increase supply because the demand for food is largely fixed. The majority of food consumed in LAC is produced there, so improving the coming harvest is essential to resolving the crisis.
Rising food prices encourage increased production, however as running costs rise, those income gains are being offset. By guaranteeing that local farmers have entry to inputs like seeds and fertilizer, removing or limiting restrictions on trade where they do exist, and greater accessibility to the financing required for soaking up higher cost of production and seizing market possibilities, governments can retain poor farmers in the production industry.
4. Make investments in inclusive, resilient, and green food systems
The region’s food systems now have weaknesses as a result of the global food price crisis as per global food news. In order to create agri-food structures that are fruitful, adaptable, sustainable, and comprehensive over the medium and long terms, policymakers must now mobilize the political backing and investments necessary. Even though the current economic situation is imposing excruciating costs, by centering focus on the need to prevent future crises, it is feasible to forge consensus on changes that will aid in making our agri-food systems more environmentally friendly.
Despite the fact that the world food crisis has arisen numerous times, we rarely pay attention to the cause and by understanding the cause, most importantly trying to fix it. When a crisis or problem occurs, we discuss it, but as soon as the bad times pass, we tend to forget about the long-term solution search and turn our attention to other issues.
The World Bank gave LAC’s food systems substantial support between 2019 and 2021, spending $1.5 billion annually on social welfare programs and about $300 million annually on agriculture and rural development programs. The World Bank is now prepared to assist nations with the implementation of emergency measures to address urgent needs resulting from the current global food price crisis and with the making of investments that will create relatively long food security and integrity.