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Why Black Sea grain deal flop risks food price stability
Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development during a press conference and launch of the Economic Development in Africa Report 2023 at Radisson Blu Hotel on August 16, 2023. PHOTO | WILFRED NYANGARESI | NMG
The softening of food prices, witnessed in recent months risks being reversed if a deadlock over Russia’s exit from the Black Sea Grain Initiative is not resolved.
The Black Sea Grain Initiative — which gave Ukrainian agricultural goods a safe channel through the Black Sea — was conceived in July 2022 in Istanbul, Turkey, following a pact involving Turkey, Russia and the United Nations, which paved the way for the resumption of grain exports via the route.
