Prices of bread will be affected by Russia-Ukraine war – Okonjo-Iweala warns.
Posted Onome Naomi
The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala says the Russia-Ukraine war is threatening global stability.
In a statement on Wednesday, Okonjo-Iweala said the organization is saddened by the war, which they hoped would have been averted.
With the battle raging on and talks between Ukraine and Russia yet to yield results, the WTO is concerned about the implications.
“We are also concerned about the trade implications of the conflict, especially trade in agriculture and food products and the rise in energy prices and their effects on the impacted population,” Dr Okonjo-Iweala said.
Dr Okonjo-Iweala warned that the war in Ukraine, a major wheat exporter, would hurt consumers around the world.
Speaking at a virtual event with IMF Chief, Kristalina Georgieva, Okonjo-Iweala said the war will have a “big impact on Wheat prices and prices of bread for ordinary people as well.”
She added that the WTO is praying for “a peaceful and quick resolution” to the crisis as soon as possible.