Jordan has largest wheat reserve in MENA

(Photo: Freepik)

AMMAN — Jordan has the largest wheat reserve in the MENA region, which can cover 16 months of consumption, Al-Mamlaka TV reported.اضافة اعلان

It said Jordan’s switch to signing long-term gas contracts will provide some protection from the rising oil prices globally.

The information came from an S&P Global Ratings study, which analyzed the indirect effect of the Russian-Ukraine war on 35 emerging markets worldwide.

The study found that Egypt, Jordan, Lebanon, Morocco and Tunisia are five of the most affected MENA economies from the fallout of Russia’s invasion of Ukraine.

It said the reason was high dependency on food or energy imports from the two warring nations.

One of the main inflation risks in the MENA region is the spike in food prices. Food represents a higher rate on the consumer price index consumption basket, compared with advanced economies.

The pressure of inflation can accumulate with the increase in energy prices, although households in emerging economies generally spend less on energy than on food. But they will still be strongly impacted by the high international energy prices.

S&P Global Ratings is an American credit rating agency and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities, according to Wikipedia. It said S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.

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