India's move to restrict exports of certain types of rice could help exacerbate food price inflation and should be reversed, International Monetary Fund chief economist Pierre-Olivier Gourinchas said on Tuesday.
Gourinchas told a news conference that India's restriction would have a similar effect of the suspension of the Ukraine Black Sea grain export deal, helping to drive up prices in other countries. He added that global grain prices could rise 10-15% this year.
"In the current environment, these types of restrictions are likely to exacerbate volatility on food prices in the rest of the world, and they can also lead to retaliatory measures," Gourinchas said. "We would encourage the removal of these type of export restrictions because they can be they can be harmful globally."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/GBP slides to 0.8650 ahead of EU/UK PMIs, ECB monetary policy announcementsEUR/GBP consolidates the latest gains as traders brace for the first readings of the Eurozone and the UK PMIs for July during early Monday. In doing s
Read more »
Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay – Bitcoin NewsIn this issue: Argentina reached a new agreement with the IMF, Bitfarms will open two bitcoin mining farms in Paraguay, and Venezuela is now accepting MIR card payments.
Read more »
IMF sees signs global economy is headed in the right directionThe global economy is headed in the right direction but it is too soon for central banks to think about easing interest-rate policy, the IMF said Tuesday.
Read more »
Analysis: Argentine IMF concessions risk further fueling red hot inflationArgentina's last-ditch effort to secure International Monetary Fund cash with measures that will weaken the peso risks pushing triple-digit inflation even higher and angering voters just three months before national elections.
Read more »
‘Barbie’ Towers Over International Box Office With $182 Million, ‘Oppenheimer’ Ignites to Huge $93.7 MillionThe battle of the bomb versus the bombshell has gone global. Over the weekend, Greta Gerwig’s very pink fantasy-comedy “Barbie” collected a stunning $182 million at the internatio…
Read more »