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'Revoke India's ban on rice exports or food price inflation will…': IMF

Reuters |
Jul 25, 2023 08:40 PM IST

IMF chief economist said that India's restriction would have a similar effect of the suspension of the Ukraine Black Sea grain export deal.

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.

Farmers plant rice saplings in a paddy field on the outskirts of Amritsar. The world's biggest rice exporter India has banned some overseas sales of the grain "with immediate effect", the government said, in a move that could drive international prices even higher. (AFP)
Farmers plant rice saplings in a paddy field on the outskirts of Amritsar. The world's biggest rice exporter India has banned some overseas sales of the grain "with immediate effect", the government said, in a move that could drive international prices even higher. (AFP)

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.

Read: Indians in US, Canada stock up rice after govt bans export

"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 harmful globally.”

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