Rising food prices pose global threat: World Bank presidentApril 17th, 2011 - 12:35 pm ICT by ANI
Washington, Apr. 17 (ANI): World Bank president Robert Zoellick has warned that rising food prices have pushed the world’s poor countries to “one shock away from a full-blown crisis.”
He said skyrocketing food and fuel prices are the most serious near-term risk to developing economies.
“I’m concerned that commodity stocks are relatively low and if you have one other weather event in some of these areas, you really take a danger zone and start to push people over the edge,” Zoellick said.
Zoellick said the bank would be meeting with agriculture ministers from the Group of 20 largest industrial and emerging market countries to in June approve a list of polices that could help fend off a full-blown food crisis.
He said the bank could also help developing countries that don’t have the capability to tap advanced commodity and futures markets to help hedge against unforeseen food shortages, working with U.S. and European banks. (ANI)
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