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Second IAEA report: In light of above assessment, IAEA chief Grossi reiterates his urgent call upon Iran to cooperate fully and effectively with agency.
Second IAEA report: Iran has repeatedly either not answered or not provided technically credible answers to agency's questions.
Second IAEA report: IAEA has no credible indications of ongoing, undeclared structured nuclear program of type described above in Iran.
IAEA report seen by Reuters: Iran's stock of uranium enriched to up to 60% purity estimated to have grown by 133.8 kg to 408.6 kg.
IAEA report: Iran's stock of enriched uranium estimated to have grown by 953.2 kg since last quarterly report to 9,247.6 kg.
Reuters: IAEA sends two quarterly reports on Iran to member states, including expanded "comperehensive" report requested by IAEA board.
Iranian sources: Window to arrive at diplomatic resolution for nuclear file still open, E3 must act rationally.
Iranian sources: Iranian responses to E3 pressure on IAEA to politicize Iran file are well-measured and technical, but if E3 move to use snapback mechanism, this would change everything, as Iran's policy regarding nuclear program would change entirely.
Iranian sources: Iran has shown in past that it would not sit idly by while E3 violate its nuclear rights.
Iranian sources: Iran reaffirmed, through diplomatic channels with Europe that it would respond to any escalatory step in nuclear issue.

IMF: Ukraine conflict will affect global economy, trade, supply chains

  • By Al Mayadeen Net
  • Source: Agencies
  • 15 Mar 2022 21:39
  • 3 Shares
3 Min Read

Russia and Ukraine are the world's breadbasket - the conflict has increased prices of wheat and other popular commodities.

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Slower growth and faster inflation threaten the global economy amid the conflict in Ukraine, according to the International Monetary Fund (IMF). 

"The conflict is a major blow to the global economy that will hurt growth and raise prices," an article written by Alfred Kammer, Jihad Azour, Abebe Aemro Selassie, IIan Goldfajn, and Changyong Rhee said. 

Read more: Anti-Russia sanctions to impact world: IMF Chief

"Beyond the suffering and humanitarian crisis from Russia’s invasion of Ukraine, the entire global economy will feel the effects of slower growth and faster inflation."

The impacts of the conflict will flow through 3 ways, according to the article: "One, higher prices for commodities like food and energy will push up inflation further, in turn eroding the value of incomes and weighing on demand."

"Two, neighboring economies in particular will grapple with disrupted trade, supply chains, and remittances as well as a historic surge in refugee flows. And three, reduced business confidence and higher investor uncertainty will weigh on asset prices, tightening financial conditions and potentially spurring capital outflows from emerging markets," the article added.

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Since Russia and Ukraine are two of the largest commodity producers, the conflict has led to increases in oil and natural gas prices, in addition to other commodities. 

Food costs, particularly wheat, have risen dramatically hitting a new record such as in Lebanon, which imports 65% of its wheat from Russia and Ukraine. 

"Beyond global spillovers, countries with direct trade, tourism, and financial exposures will feel additional pressures," according to the authors of the article.

"Economies reliant on oil imports will see wider fiscal and trade deficits and more inflation pressure, though some exporters such as those in the Middle East and Africa may benefit from higher prices."

The increase in fuel prices will affect the poorest most vulnerable regions the most: namely Sub-Saharan Africa, Latin America, the Caucasus and Central Asia, according to a blog post.

"Longer term, the war may fundamentally alter the global economic and geopolitical order should energy trade shift, supply chains reconfigure, payment networks fragment, and countries rethink reserve currency holdings," the article said.

"Increased geopolitical tension further raises risks of economic fragmentation, especially for trade and technology."

According to the UN Food Program, Ukrainian and Russian wheat account for 30% of global wheat exports, 20% of corn sales and 76% of sunflower seeds export. Countries around the Black Sea constitute the world's breadbasket.

Read more: UN: Russia-Ukraine conflict could cause global food shortage
  • Ukraine crisis
  • Global economy
  • Russia
  • IMF
  • inflation
  • Wheat
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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