KYIV, UKRAINE — Ukraine has initiated the creation of the world’s grain reserve under the auspices of the United Nations, said Mykola Prysyazhnyuk, the minister of agrarian policy and food for Ukraine. Ukraine would have the responsibility of forming the reserve of 10 million to 12 million tonnes of grain, preserve it and make grain interventions on the market following respective decisions by the United Nations.
He said the reserve would be used to regulate world prices through market interventions in times of low grain supply. The world grain reserve also would be aimed at enhancing food security of the global population.
Ukraine expects to harvest more than 40 million tonnes of grain in 2011.