IMF Welcomes India’s Decision To Relax Ban On Wheat Exports

India eased restrictions on wheat exports and allowed some shipments to proceed.

Washington:

The IMF has said that it is concerned about the use of food and fertilizer export restrictions by some countries that could exacerbate global price rises and market volatility and welcomes India’s recent decision to ban exports of wheat originally was announced and some shipments were allowed to proceed.

A senior International Monetary Fund official found that nearly 30 countries have cut exports of goods, including food and fuel, since the war in Ukraine began.

“We are deeply concerned by the use of food and fertilizer export restrictions, which could exacerbate global price increases and market volatility,” IMF spokesman Gerry Rice told reporters at a news conference here on Thursday. Is.”

“Our monitoring indicates that some 30 countries have, in fact, cut exports of commodity goods, including food and fuel, and have since started the war in Ukraine. Therefore, 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,” she said while answering a question on India.

“On India, we welcome India’s decision to relax its originally announced restrictions and allow some wheat exports to proceed, including pre-contracted shipments and exports to countries with food security needs. And we expect to see further easing of restrictions, and then, not only by India, but also by all the countries that have imposed them,” Rice said.

Last month, India announced that it was banning wheat exports to check higher prices, amid concerns that wheat production would be hit by a severe heat wave.

The United Nations food agency has said that India’s ban on export of staple cereals and low production prospects after the Russian invasion of Ukraine have led to a jump in wheat prices in international markets.

The Indian government later relaxed wheat export restrictions by allowing consignments already in place with customs duty on or before May 13.

Minister of State for External Affairs V Muraleedharan at the Ministerial Meeting on the ‘Global Food Security Call to Action’ chaired by US Secretary of State Antony Blinken under the US Presidency of the United Nations Security Council for the month of May said that India is “committed to it”. To ensure that such adverse effects on food security are effectively mitigated and to ensure the safety of those vulnerable to sudden changes in the global market.

“In order to manage our overall food security and support the needs of neighboring and other vulnerable developing countries, we have announced certain measures with respect to wheat exports on May 13, 2022,” he said.

“Let me make it clear that these measures allow exports on an approval basis to countries that need to meet their food security demands. This will be done on the request of the respective governments. Such a policy will ensure that we truly respond to those who need it most,” he said, emphasizing that India will play its due role in advancing global food security.

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