Africa: Global Cost-of-Living Crisis Catalyzed By War In Ukraine Sending Tens of Millions Into Poverty, Warns UN Development Programme
71 million people in the developing world have fallen into poverty in just three months as a direct consequence of global food and energy price surges. The impact on poverty rates is drastically faster than the shock of the COVID-19 pandemic.
Targeted cash transfers to households are more equitable and more cost-effective than blanket energy subsidies –but governments need support from the multilateral system to make ends meet.