Lebanon, which is facing its worst economic crisis since independence in 1943, recorded the 24th consecutive triple-digit inflation increase in the Central Administration of Statistics' CPI in June.

Inflation in the country rose to 210 percent from the same period a year ago as it continues to go through political turmoil with delays in government formation.

Historic food price increases in Lebanon have resulted in 19 percent of its population facing some sort of food shortage, the World Bank said.

However, the recent agreement between Russia and Ukraine to free more than 20 million tonnes of grain stuck in Ukraine’s Black Sea ports “could have major implications for global food security and food prices”, the World Bank said.

A cargo ship carrying 26,000 tonnes of Ukrainian corn left the port of Odesa this week, the first such voyage since a deal was signed to reopen a vital shipping lane in the Black Sea.

The Razoni is bound for Lebanon, one of the countries in need of Ukrainian grain, and another 16 ships are waiting to help ease a global food crisis.

Overall, the Ukraine conflict is “having extreme impacts on the world’s poorest countries”, the World Bank said.

Afghanistan, Eritrea, Mauritania, Somalia, Sudan, Tajikistan, and Yemen are at the greatest risk of overlapping food and debt crises.

“The countries at highest risk of a debt crisis are experiencing the additional threat of a food crisis,” the lender said.

“Overlapping debt and food crises can have devastating impacts, with international assistance the only solution. For poor countries that depend on food imports from Russia and Ukraine, many of which are in Africa, finding alternative food sources in the short term is difficult, with low regional supply and limited transport and storage infrastructure.”

Since the start of the coronavirus pandemic, these countries’ debt has increased significantly. By the end of 2020, their public and publicly guaranteed debt to foreign creditors reached a record $123.8 billion, up 75 percent since 2010.

“Increasing emergency aid to at-risk countries is one possible solution to avoid the devastating impacts of overlapping debt and food crises in the world’s poorest countries,” the World Bank said.

“Aid to increase food security in developing countries would help governments provide targeted, cost-effective cash transfers to the most vulnerable segments of their populations.”

In June, the Opec Fund for International Development said it allocated $1bn to boost food security in developing countries hit hardest by the conflict in Ukraine.

As part of its Food Security Action Plan, Opec's development finance arm will provide “immediate assistance” to its partner countries to help them to cover the import costs of basic commodities such as seeds, grains, and fertilizers over the next three years.