Interview

IFAD’s Alvaro Lario: dual oil and fertilizer shock will hit small-scale farmers hard

News March 27, 2026 / By: Ann Danaiya Usher

IFAD, the only UN agency with a AA+ credit rating, has weathered crises before. As war in the Persian Gulf upends the global economy, the Spanish economist Alvaro Lario who heads IFAD reflects on prospects for the next replenishment. He warns that the double shock of oil and fertilizer shortages will hit smallholder farmers hard.

Alvaro Lario IFAD C_FIDA_JefriTarigan_2 CROPPED.jpg — President of IFAD Alvaro Lario visited rice farmers in West Java, Indonesia (Photo by Jefri Tarigan / IFAD)

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