The World Bank urged Ukraine on Thursday to lift grain export quotas immediately, in a bid to increase the global supply of grains.
"The World Bank welcomes Ukraine's announcement of canceling grain export quotas on April 23 and urges the Ukrainian authorities to implement the announced decision fully and with immediate effect," said Paul Bermingham, World Bank Country Director for Ukraine, according to a press release of the bank.
Bermingham pointed out that canceling export restrictions will both stimulate agriculture production in Ukraine, allowing the country to benefit from strong global prices, and will increase the global supply of grains, thus helping ease the global food crisis.
On April 23, Ukrainian Prime Minister Yulia Tymoshenko said her government was ready to lift all restrictions on grain exports, but the government has since put off the move until July 1 amid fears of higher domestic prices.
According to official data, Ukraine's grain reserves reached more than 10 million tons by April 1, up 30 percent compared with the same period of last year.
Prime Minister Tymoshenko predicted the country's grain yield will reach 40 million tons in 2008. Last year, Ukraine produced 29.3 million tons of grain (including corn).
Source:Xinhua
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