The Carnegie Endowment for International Peace published on 19 April 2022 an analysis titled "How the IMF and World Bank Can Support African Economies Hit Hard by Russia's Invasion of Ukraine" by David McNair.
In the wake of Russia's invasion of Ukraine, the prices of staple commodities such as wheat, barley, and vegetable oils have skyrocketed due in part because Russia and Ukraine are the breadbasket of the world. They export a third of the world's wheat, a quarter of the world's barley, and 69 percent of the world's sunflower oil. Ukraine's Black Sea ports are blocked and Russia has apparently shelled its granaries and mined farmland. An acute food crisis is developing in west and central Africa. Higher food prices are also adding to Africa's high debt service challenges.
