IMF says Russia exit from Ukraine grain deal risks adding to global food inflation

WASHINGTON: The International Monetary Fund on Wednesday said Russia’s exit from a deal allowing Ukrainian exports via the Black Sea worsens the global food security outlook and risks adding to food inflation, especially for 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.

Kremlin says Black Sea grain deal has ‘de facto ended’

“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.”