IMF says Russia’s exit from grain deal risks increasing global food inflation

IMF says Russia's exit from grain deal risks increasing global food inflation

The IMF said the deal has been helpful in facilitating food, grain and fertilizer exports.

Washington:

The International Monetary Fund said on Wednesday that Russia’s exit from a deal allowing Ukrainian exports through the Black Sea risks increasing global food insecurity and could push up food prices, especially in low-income countries.

An IMF spokesman said the global lender would continue to carefully monitor ongoing developments in the region and their impact on global food insecurity.

“The closure of this initiative will affect food supplies in countries that are heavily dependent on shipments from Ukraine, particularly in North Africa, the Middle East and South Asia,” the fund said. “This worsens the food security scenario and risks increasing global food inflation, especially for low-income countries.”

This week several of the 20-member group denounced Russia’s move to abandon the UN-brokered Black Sea grain accord on Monday, which it called a parallel agreement easing rules for its own food and fertilizer exports. failure to meet their demands.

The IMF said the Black Sea Agreement has been instrumental in facilitating food, grain and fertilizer exports from Ukraine to the rest of the world. The spokesman said the deal, along with the reversal of export restrictions and higher-than-expected food production in major exporting countries, helped ease pressure on international food prices.

The IMF spokesperson said that the agreement had allowed Ukraine to export about 33 metric tons of grain by sea and proved to be an important factor for global food security.

(Except for the headline, this story has not been edited by NDTV Staff and is published from a syndicated feed.)

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