Ukraine’s economy is more than just wheat and commodities
19 March 2022 |
7:56 am
Following independence in 1991, Ukraine's economic development was hamstrung by corruption, capital flight and a lack of reforms. Recent improvements are now being threatened by Russia's war in the country.
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Some 250 Ukrainian peacekeepers in the Democratic Republic of Congo prepare to return home to face Russian forces. Also, Egypt bans exports of staples such as wheat and flour in an effort to secure food reserves. The country depends heavily on wheat imports from Ukraine and Russia. And Nigeria sees long queues at the petrol pump, grounded flights and electricity cuts due to fuel shortages. Prices are surging, partly because of the war in Ukraine.
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At a top-level summit in Versailles, EU leaders have agreed to give Ukraine another half a billion euros in military aid. But they rejected the idea of fast-tracking Kyiv's EU membership bid.
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Turkey is one of the many countries calling for calm in Ukraine. President Recep Tayyip Erdogan says his government will relentlessly try to find a long-lasting ceasefire and Turkey has already hosted the first high-level peace talks between the Russian and Ukrainian foreign ministers. But Ankara is walking something of a tightrope because it's traditionally a friend of Ukraine and has been supplying drones to Kyiv. Yet it also depends on Russia for gas. Our Turkey correspondent Jasper Mortimer tells us more.
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