Tridge summary
Russia has extended a deal to allow Ukrainian wheat to be transported through the Black Sea, preventing a potential increase in wheat prices in Kenya. The UN-brokered deal, renewed for two months, has seen the international price of wheat drop significantly since it was first implemented last year. The extension is welcomed by Kenyan manufacturers, despite the current high costs of wheat products due to a weak shilling. The deal is also seen as positive by the UN Secretary-General Antonio Guterres.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Kenya has been spared from higher wheat prices after Russia agreed to renew the grain initiative deal that allows the produce from Ukraine to pass along the Black Sea- a major corridor that supplies the commodity to the world market. Manufacturers have welcomed the UN-brokered deal, which has seen the agreement that was due to expire on Thursday renewed for a further period of two months. Read: Seized Russian fertiliser set to be redirected to Kenya There were fears that the price of wheat would significantly go up after Russia announced early this month that it will not extend the deal until sanctions that have been slapped on Moscow after it invaded Ukraine are lifted. “This extension of the deal is good news for Kenyans as it has now cleared the uncertainty that was there over the likelihood of prices going up,” said Rajan Shah, chairman of the Kenya Association of Manufacturers. Wheat processors said that should the deal not be renewed, then the cost of flour and bread would ...
Source: Businessdailyafrica
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