The Food and Agriculture Organization of the United Nations (FAO) has indicated that the global food import bill is about to set a new record of $1.8 trillion in 2022.

And FAO said in a report that “global food import spending is expected to increase by $51 billion compared to 2021, of which $49 billion will come from rising prices.”

“Many vulnerable countries are spending more but receiving less food, which is worrisome… Both in sub-Saharan Africa and in developing countries that are net food importers, the cost of food will increase despite reduced imports” , – she said.

The organization has proposed the creation of a global food import financing facility to support the balance of payments of low-income countries that are most dependent on food imports as a strategy to protect their food security.