Washington, May 15 (QNA) - The International Monetary Fund (IMF) confirmed that it is closely monitoring the energy crisis resulting from the conflict in the Middle East and its impact on fertilizer shipments.
Head of Communications at the IMF Julie Kozack said in a press conference that historical experience shows that increases in fertilizer prices typically take around six months to be reflected in higher food prices.
She added that rising fertilizer prices could worsen challenges related to agricultural production and food security in a number of countries.
Earlier, the Food and Agriculture Organization (FAO) warned that the current and upcoming agricultural seasons could be harmed if the closure of the Strait of Hormuz continues and fertilizer shipments cannot pass through it.
According to FAO estimates, between 20 and 30 percent of global fertilizer supplies pass through the Strait of Hormuz or depend on natural gas exported through the waterway. (QNA)