“Beg India To Reconsider Wheat Export Ban As Soon As Possible”: IMF Chief


IMF chief Kristalina Georgieva said she export restrictions added to food insecurity.

Davos:

International Monetary Fund (IMF) chief Kristalina Georgieva on Tuesday strongly urged India to reconsider its ban wheat export ban as soon as possible.

“I do have an appreciation for the fact that India needs to feed nearly 1.35 billion people and I do have appreciation for the heatwave that has reduced agricultural productivity, but I would beg India to reconsider as soon as possible because the more countries step into export restrictions, the more others would be tempted to do so and we would end up as a global community less equipped to deal with the crisis,” she told NDTV at the World Economic Forum in Davos, Switzerland.

India banned wheat exports earlier this month as an intense heat wave hit output and government procurement and domestic prices hit a record high.

The world’s second-biggest wheat producer is likely to harvest 106.41 million tonnes in 2022, nearly 4.4 per cent lower than the previous estimate, the farm ministry said on Thursday.

The international supply of wheat has also been affected by the Russian invasion of Ukraine, as the two countries jointly account for about 30 per cent of global wheat exports.

Ukraine’s exports are severely hampered because the war has forced it to close its ports, while Russia’s exports have been hit by Western sanctions.

.



Source link

%d bloggers like this: