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World Bank echoes food cost alarm
The rapid rise in food prices could push 100 million people in poor countries deeper into poverty, World Bank head, Robert Zoellick, has said.
His warning follows that from the leader of the International Monetary Fund, who said hundreds of thousands of people were at risk of starvation.
Mr Zoellick proposed an action plan to boost long-run agricultural production.
There have been food riots recently in a number of countries, including Haiti, the Philippines and Egypt.
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"Based on a rough analysis, we estimate that a doubling of food prices over the last three years could potentially push 100 million people in low-income countries deeper into poverty," Mr Zoellick said.
His proposal for a "new deal" to tackle the international food crisis was endorsed by the World Bank’s steering committee of finance and development ministers at a meeting in Washington.
The World Bank and its sister organisation, the IMF have held a weekend of meetings that addressed rising food and energy prices as well as the credit crisis upsetting global financial markets.
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