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World Bank says rich countries must help
The World Bank urges richer countries to help ease the food crisis threatening millions of people around the world.
- Agencies
- Published: 10:32 April 14, 2008
- Rising prices of staple crops such as rice and wheat has increased the risk of starvation in developing countries.
- Image Credit: Gulf News Archive
Washington: The World Bank has said it has a new strategy for addressing the food crisis that threatens millions of people around the world.
It has called upon richer countries to give $500 million (Dh1.8 billion) to help ease the global burden.
"Based on a very rough analysis, we estimate that doubling of food prices over the last three years could potentially push 100 million people in low-income countries deeper into poverty," World Bank president Robert Zoellick said.
Rising prices of staple crops, such as rice and wheat, has increased the risk of starvation in developing countries. It may even lead to domestic turmoil, including the "risk of war", a top official said.
"Food prices, if they go on like they are doing today... the consequences will be terrible," International Monetary Fund managing director Dominque Strauss-Kahn has said.
"Hundreds of thousands of people will be starving... leading] to disruption of the economic environment," Strauss-Kahn told a news conference.
Development gains made in the past five or 10 years could be "totally destroyed," he said, warning that social unrest could even lead to war.
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