The global price increase due to the Russian - Ukraine conflict has prompted the government to provide financial assistance in the agricultural and fishing industry in order to stabilise prices. 

The areas of Ukraine and Russia are the world’s largest exporters of grain and agricultural products. Ukraine accounts for 11% of the market while Russia accounts for 20%. 

The pandemic together with the conflict has put countries like Malta in difficult positions due to limitation in consumption and also limitations in infrastructure to store products in long term. 

“These factors have not only led to an increase in prices but also put a risk in the security of supplies to the local markets. While the prices increased across the glove, the impact was drastically felt in the Maltese islands due to the double challenges related to size and insularity,” the Ministry said in a statement on Monday. 

Working together with the Ministry for Finance, the Ministry for Agriculture and Fisheries said that it is launching a Temporary Price Stabilisation Subsidy Scheme in order to guarantee supply to the local market. 

The scheme will apply to the importation of cereals and flour intended both for human and animal consumption. 

Those who want to apply for the scheme can do so by requesting an electronic version of the application by email from [email protected]. Applications close on May 20.