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IMF welcomes India's decision to relax ban on wheat exports

Around 30 countries have curtailed exports since the war in Ukraine began

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By PTI

Published: Fri 10 Jun 2022, 12:07 PM

Last updated: Fri 10 Jun 2022, 1:10 PM

The International Monetary Fund (IMF) welcomed India’s recent decision to relax its ban on wheat exports and allow some shipments to proceed.

A senior IMF official observed that around 30 countries have curtailed exports of commodity goods including food and fuel since the war in Ukraine began.

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Last month, India announced that it was banning wheat exports in a bid to check high prices. This decision was made amid concerns of the country's wheat output being affected by a scorching heat wave.

The price of wheat has jumped in the international markets because of the ban and due to the reduced production in Ukraine following the war, according to the UN food agency.

“We are very concerned by the use of food and fertiliser 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 on Thursday.

“We hope to see further relaxation of bans, and again, not just by India, but also by all countries who have imposed them,” Rice added.

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PTI

Published: Fri 10 Jun 2022, 12:07 PM

Last updated: Fri 10 Jun 2022, 1:10 PM

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