July 29, 2011

Ukraine's Agriculture Ministry and the National Academy of Agricultural Sciences are working on an initiative of creating a world grain fund and a grain reserve stock under the UN auspices in the face of global grain deficit.

"This fund will be owned by the Food and Agriculture Organisation of the United Nations. The reserve should be funded by international financial institutions. Ukraine can also benefit from participation in the creation of the world grain reserve," said Mykola Bezuhly, the president of the National Academy of Agrarian Sciences.

Under the Grain of Ukraine programme, the country may reach annual grain production of 80 million tonnes over the next six years, he added. Of these, 35 million tonnes will be spent for domestic needs, and the rest for export. Ukraine's grain reserve may be of 5-10 million tonnes.