Iran Press/ America: The IMF said the Black Sea deal had been instrumental in facilitating food, grain, and fertilizer exports from Ukraine to the rest of the world.
The International Monetary Fund on Wednesday said Russia’s exit from a deal allowing Ukrainian exports via the Black Sea threatens to increase global food insecurity and could drive food prices higher, especially in low-income countries.
An IMF spokesperson said the global lender would continue to carefully monitor ongoing developments in the region and their impact on global food insecurity.
"The discontinuation of the initiative impacts the food supply to countries that rely heavily on shipments from Ukraine, in particular in North Africa, the Middle East, and South Asia," the fund said. "It worsens the food security outlook and risks adding to global food inflation, especially for low-income countries."
Earlier this week, several members of the Group of 20 decried Russia's decision to renounce the United Nations-mediated Black Sea grain agreement. This decision was allegedly precipitated by the failure to meet Russia's demands to enforce a concurrent arrangement relaxing regulations for its own food and fertilizer exports.
