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July 3, 2008

World Bank: $10bn needed to combat food crisis

by Richard Kilner

Story link: World Bank: $10bn needed to combat food crisis

The president of the World Bank, Robert Zoellick, has urged the leaders of the wealthiest nations in the world and the biggest oil producers to take action at once to stem the ever rising cost of food and energy.

Zoellick described the world as entering a danger zone, and made his plea in a letter to the forthcoming G8 summit which is to be held in Japan.

The World Bank, World Food Program and International Fund have all stated their belief that $10bn is needed to meet the immediate needs of those most critically affected by the soaring cost of food and energy.

Zoellick has expressed his belief that, as the problem is not caused by a natural catastrophe but by man, only man can fix it.

The most adversely affected nations have suffered what the president terms a GDP shock of 3-10%, a huge burden for the poorest nations in the world.

He also urged for export bans to be dropped, and for more seed and fertilisers to be made available to Africa.


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