WTO chief urges World Bank, IMF to act on food crisis

World Trade Organization chief Pascal Lamy wants the World Bank and the International Monetary Fund to lead the effort in tackling surging food prices. Sudden spikes in oil and transportation costs, and the increased demand for biofuel sparked violent riots in Haiti and a handful of African states last week. “Medium and long-term, developed countries can use their power in places like the World Bank, the IMF … to make sure that these big donors refocus part of the aid they give to developing countries to improving supply in agriculture,” said the WTO head. “As far as development assistance is concerned, the focus has not been on agriculture on the last decade and has to become the main focus of the coming times,” he added. He also urged wealthy nations to offer financial support and bolster the World Food Program’s emergency operations.

Source: WTO head wants World Bank, IMF to refocus on food supply (AFP)

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