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GCC action urged to tackle problems linked to price rises
Bahrain's prime minister has reiterated his call for joint GCC action to tackle problems generated by the increase in prices of food commodities and ensure the availability of food stocks.
- By Habib Toumi, Bureau Chief
- Published: 00:03 June 11, 2008
Manama: Bahrain's prime minister has reiterated his call for joint GCC action to tackle problems generated by the increase in prices of food commodities and ensure the availability of food stocks.
"We must learn from past experiences and appreciate that we cannot continue to depend for our livelihood on food imports. We need to move together as a Gulf bloc to increase our food stocks and ensure sustainable food security," Shaikh Khalifa Bin Salman Al Khalifa said.
Residents in the Gulf countries have been struggling under pressure from high prices and unprecedented inflation levels.
Five of the Gulf member states have their currencies pegged to the dollar and have been hit by the global weakness of the US currency that has made some imports more expensive.
"We have just suffered from the impact of spiralling prices and an acute shortage in some food commodities and we should ensure, through collective efforts, that there is no repeat of such an issue," the prime minister said.
"We have from our side taken several measures to alleviate the burdens of the people in Bahrain, including spending BD500 million annually to subsidise food, fuel and services," Shaikh Khalifa on Monday told citizens and the media.
"We will strive to overcome the formidable challenges and provide our people with basic food products at adequate prices."
Shaikh Khalifa last January issued a similar call, urging the six GCC member states to join their potential to fight soaring food prices across the Gulf through the use of the common market established this year to develop a common strategic food stock.
According to Dr Ahmad Goueili, Secretary General for the Council of Arab Economic Unity (CAEU), the Arab countries import 72 million tons of food products annually.
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