Ukraine war threatens economic devastation
Ukraine war threatens economic devastation in developing world
Russia's continued invasion of Ukraine is creating a perfect storm which could shatter the economies of many developing countries, according to the UN.
The UN remained "intensely focused on practical steps to save lives and reduce human suffering" inside Ukraine, but for many developing countries, the climate crisis, growing debt and economic insecurity, were now compounded by "ballooning energy costs and growing hunger" due to the war that is crippling Ukraine's food exports, UN Secretary-General António Guterres said at the Stockholm+50 conference Wednesday.
He called for quick and decisive action to ensure a steady flow of food and energy in open markets, by lifting export restrictions, allocating surpluses and reserves to vulnerable populations, and addressing food price increases to calm market volatility.
But there would be no solution, without bringing Ukraine's food production back into the global market, alongside food and fertiliser from Russia.
"Emergency Relief Coordinator Martin Griffiths and UN trade and development chief Rebeca Grynspan are working on an agreement for the safe and secure export of Ukrainian-produced food through the Black Sea along with unimpeded access of Russian food and fertilisers to global markets, especially developing countries," Guterres said.
2 years ago