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The International Monetary Fund (IMF) has expressed concern over restrictions on food and fuel exports, but has also thanked the Indian government for easing wheat export restrictions. Also said that India’s decision will reduce the global prices of wheat. According to the IMF, about 30 countries have imposed restrictions on the export of essential goods, including food and fuel, since the Ukraine war broke out. This poses the risk of rising global inflation and destabilizing markets. The IMF welcomed the Indian government’s decision on easing the announced restrictions on wheat exports and allowing some shipments.
In a press conference on Thursday, IMF spokesman Gerry Rice said, “We are deeply concerned by decisions such as banning exports of food items, fuels and fertilizers. These can lead to price increases and market volatility at the global level. So this issue is far beyond India. To a question, Gerry Rice said, “Our monitoring indicates that 30 countries have cut exports of essential goods, including food and fuel, since the Ukraine war. This is quite worrying. If we talk about India, we welcome the decision to relax the announced basic ban on wheat exports and allow some goods to be shipped.
We look forward to further easing of restrictions not only from India, but also from all the countries that have implemented them.” In fact, last month, the government had announced a ban on wheat exports to control the rising prices due to the apprehension of reduction in production due to scorching heat. The United Nations Food Agency has said that India’s ban on wheat exports and fears of reduced production after the Russian invasion of Ukraine have led to a jump in wheat prices in the international market.
Expected to export 70 lakh tonnes of wheat from India even after the ban
Washington. India may have banned wheat exports to keep prices under control, but the Food and Agriculture Organization of the United Nations has expressed hope of exporting 7 million tonnes of wheat from India despite the restrictions. This will be more than the average exports of the last five years.
The agency said in a report on Thursday that the session of the global wheat market 2022-23 is starting amidst a lot of uncertainty. The ongoing battle in Ukraine, changes in trade policies in many countries and higher international prices will determine the outlook of the wheat market. It is estimated that the production of wheat globally may decline in 2022 as compared to 2021. It may decline by 0.8% to 771 million tonnes. agency
UN’s food agency claimed in the report
The international prices of wheat have increased so much since 2008. This is because of lack of yields in some of the major exporting countries, due to lack of availability globally, wheat exports including Ukraine and India. Apart from this, there is also increasing pressure due to supply concerns in 2022-23.