Due to the ongoing Russia-Ukraine conflict, a looming global food crisis has severely impacted the Middle East and North African economies. 

In a recent announcement at the periodic meeting of the Food Security Committee, Abdulrahman Al-Fadhli, Minister of Environment, Water, and Agriculture and Chairman of the Food Security Committee, said that Saudi government entities concerned with the food security system had allocated around $2.66 billion (SAR10 billion) to address the effects of rising global prices.

The minister said that the Saudi Grains Organization (SAGO) allocated a total of $1.2 billion in its budget to support the strategic inventory of wheat and barley and compensate importers.

A sum of $1.1 billion has been allocated to the Agricultural Development Fund’s (ADF) budget to lend the private sector to finance contracts that cover the kingdom’s needs of the main commodities, including corn, barley, and soybeans for no less than six months. The minister added that $212 million was provided as additional support for the subsidies presented to breeders and producers.

The committee meeting discussed other food security concerns. It said it is working to enhance the local stock of essential food commodities.