IMF chief Kristalina Georgieva said she linked export restrictions to food insecurity.
Davos:
International Monetary Fund (IMF) chief Kristalina Georgieva on Tuesday strongly urged India to reconsider the ban on wheat exports.
“I applaud for the fact that India needs to feed about 1.35 billion people and I applaud for the heat wave that has reduced agricultural productivity, but I call on India to reconsider as soon as possible. As more countries step into export restrictions, the more others will be tempted to do so and we will end up as a less capable global community to deal with the crisis,” she told World Economic in Davos, Switzerland. Told NDTV in the forum.
India had earlier this month banned wheat exports as production was hit by heavy heat and government procurement and domestic prices hit record highs.
The world’s second-largest wheat producer is expected to harvest 106.41 million tonnes in 2022, about 4.4 per cent lower than the previous estimate, the agriculture ministry said on Thursday.
International supplies of wheat have also been affected by the Russian invasion of Ukraine, as the two countries together account for about 30 percent of global wheat exports.
Ukraine’s exports have been hit hard as the war has forced it to close its ports, while Russia’s exports have been hit by Western sanctions.