VALLETTA, May 9 (Xinhua) -- The Maltese government on Monday announced an emergency fund to stabilize the price of imported cereals, flour, and animal feed.

       The Ministries of Finance and the Ministry for Agriculture, Fisheries and Animal Rights said in a joint statement that the Temporary Price Stabilization Subsidy Scheme is intended to guarantee local food security, and put the brakes on soaring food prices due to the disruption of global commodity markets.

       The conflict between Russia and Ukraine has driven world food insecurity, as the Ukrainian and Russian regions are crucial to global grain and agricultural exports, the statement said.

       Maltese business operators import only small quantities due to storage and consumption limitations.

       "While prices have increased across the globe, the impact was drastically felt in the Maltese islands due to the double challenges related to size and insularity," the statement added.