Friday, Aug 19, 2022
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Ukraine War: IMF Concerned Over Food, Fertilizer Export Restrictions

As countries around the world curtail exports of commodity goods with the initiation of the Russia-Ukraine war, the International Monetary Fund, has expressed concerns over the impact of such restrictions on global prices.

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Russia Ukraine War AP Photo/Natacha Pisarenko

After some 30 countries have curtailed exports of commodity goods including food and fuel since the war in Ukraine began, the International Monetary Fund Thursday said it is concerned by the use of food and fertilizer export restrictions. It welcomed India's decision recently to relax its originally announced ban on wheat exports, and allow some shipments to proceed.


"We are very concerned by the use of food and fertilizer export restrictions, which can exacerbate global price increases and market volatility. So, this goes beyond India," IMF spokesperson Gerry Rice told reporters at a news conference here. "Our monitoring indicates that some 30 countries, in fact, have curtailed exports of commodity goods, including food and fuel, and that since the war in Ukraine began. So, we are very concerned about this. (IMF Managing Director) Kristalina Georgieva has been very vocal on this.  (First Deputy Managing Director) Gita Gopinath spoke about it again, yesterday,” he said responding to a question on India.


"On India, we welcome India's decision recently to relax its originally announced ban and allow some wheat exports to proceed, including the already contracted shipments and exports to countries with food security needs. And we hope to see further relaxation of bans and again, not just by India, but also by all countries who have imposed them," Rice said.

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