Russia-Ukraine Fallout Has Tipped Two Of World's Poorest Countries Into Full-Blown Crises

Wednesday, April 6th, 2022 | 370 Views

The list of those at risk – and the queue at the International Monetary Fund’s door – will only get longer from here.

Reporting by Rachel Savage and Marc Jones; Additional reporting by Tommy Reggiori Wilkes and Karin Strohecker; Editing by Tomasz Janowski

They may be far from the fighting in Ukraine, but a mass resignation of Sri Lanka’s cabinet on Monday read more and drastic weekend manoeuvres by Pakistan’s Prime Minister Imran Khan to avoid his removal read more, show how far the economic impact spreads.

Both Sri Lanka and Pakistan have seen their long-festering public disquiet about economic mismanagement come to a head, but there is a double-digit list of other countries also in the danger zone.

A handful were already on the brink of debt crises in the wake of the COVID pandemic, the war’s resulting surge in energy and food prices, however, have undoubtedly made things worse. read more

Oil, gas, wheat and corn prices have soared

Turkey, Tunisia, Egypt, Ghana, Kenya and others that also import the majority of their oil and gas as well as basic foodstuffs, such as wheat and corn, which have all soared between 25% and 40% this year, have also been facing heavy pressure.