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The International Monetary Fund says countries that have very close economic links with Ukraine and Russia are at particular risk of scarcity and supply disruptions. It added that poor households across the world would suffer from the increase in food and fuel prices, as the Ukraine-Russia war persists. The Washington-based Fund said this on Saturday in a press statement, which was titled ‘IMF Staff Statement on the Economic Impact of War in Ukraine’. The statement read in part, “Countries that have very close economic links with Ukraine and Russia are at particular risk of scarcity and supply disruptions and are most affected by the increasing inflows of refugees.” The PUNCH had reported that Russia is among Nigeria’s top 10 import trade partners between the third quarter of 2020 and the corresponding period in 2021, with a total import trade value of N993.38bn. The IMF Executive Board further lamented the tragic loss of life, human suffering, and the ongoing massive damage to Ukraine’s physical infrastructure, adding that over million refugees were in neighbouring countries. According to the statement, the economic consequences are dire for the world, as there is a surge in energy and commodity prices.
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