Middle East one of most vulnerable regions due to Russia-Ukraine war: IMF official

Middle East one of most vulnerable regions due to Russia-Ukraine war: IMF official

Much of the international attention is focused on Russia’s invasion of Ukraine. But the ongoing war, now entering its second month, is directly impacting the Middle East in more than one way.

On the one hand, the West, led by the United States, is trying to pressure Gulf members of OPEC+ to increase oil outputs.

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But on the other hand, several countries in the region are at risk of having food shortages.

“The Middle East is one of the most vulnerable [regions] in the world due to its dependence on commodities,” a senior IMF official said.

Speaking on background to a group of reporters in Washington, the official said the region was “known for the high level of consumption.”

Lebanon, for example, only had enough wheat supply “for a month or a month and a half,” the country’s economy minister said at the start of the month.

And the minister, Amin Salam, warned of “greater consumption” of oils, sugar and other imports during the upcoming month of Ramadan.

Numerous other countries in the MENA region depend on Ukraine and Russia for wheat.

Egypt’s government has said it would need to increase subsidies on items such