Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Global Food Prices Remain High and Volatile Affecting Poorest Countries the Most

Posted by fidest press agency su mercoledì, 2 novembre 2011

The World Bank Group building in Washington, D.C.

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Washington. Global food prices remain high and volatile, hitting the poorest countries hardest and adding to the strains facing the global economy, according to the World Bank Group’s new Food Price Watch released ahead of the G-20 Summit in Cannes, France. While the Bank’s food price index has dropped 5 percent from its February 2011 peak and dipped marginally in September by one percent, it remains 19 percent above its September 2010 levels.
The Group of 20 heads of government, who are meeting in Cannes Nov. 3– 4 to discuss the global economy, are expected to endorse a package of concrete actions to improve transparency and policy coordination to detect and correct problems early; to help countries manage price volatility using sound risk management tools; to promote more productive and resilient agriculture; and to get food to the needy fast through emergency regional humanitarian food reserves and agreement not to ban exports of food for World Food Programme. As the world population reaches a staggering 7 billion people, it is more important than ever for the global community to galvanize around actions to improve food security.According to Food Price Watch, a quarterly report, recent floods in Thailand−the worst in 50 years−may add uncertainty in the short run following estimated production losses of between 16 to 24 percent of total production. In the meantime, the food crisis in the Horn of Africa continues, affecting over 13.3 million people in the region–an additional million since August, and the outlook remains frightening.The report said prices of grains rose 30 percent (September 2010–September 2011), with maize increasing by 43 percent, rice by 26 percent and wheat 16 percent. Soybean oil went up by 26 percent. Over the last quarter, however, an increase of 3 percent in the price of grains was roughly offset by a 3 percent decline in the prices of fats and oils. Volatility, which is higher in low income countries, is expected to persist in the medium term due to multiple global and domestic factors. Structural factors contributing to the volatility include rising populations and changing diets, increasingly intertwined relations between food and energy prices, and increasing production of biofuels.How the World Bank Group is helping to put food first
· In the Horn of Africa, the World Bank Group is providing $1.88 billion to save lives, improve social protection, and foster economic recovery and drought resilience. More than 13 million people are affected by the crisis.
· A first-of-its-kind World Bank Group risk management product, provided by the International Finance Corporation (IFC), will enable up to $4 billion in protection from volatile food prices for farmers, food producers, and consumers in developing countries.
· The Global Food Crisis Response Program (GFRP) is helping some 40 million people through $1.5 billion in support.
· The World Bank Group is boosting its spending on agriculture to some $6 to $8 billion a year from $4.1 billion in 2008.
· Supporting the Global Agriculture and Food Security Program (GAFSP), set up by the World Bank Group in April 2010 at G-20’s request, to assist country-led agriculture and food security plans and help promote investments in smallholder farmers. To date, six countries and the Gates Foundation have pledged about $971.5 million over the next three years, with $571 million received.
· The World Bank Group is coordinating with UN agencies through the High-Level task Force on the Global Food Security Crisis and with NGOs.
· The World Bank Group supports the Consultative Group for International Agriculture Research (CGIAR), which it helped to establish in 1971. In 2008, the CGIAR with the support of the World Bank and other donors launched a reform process, which culminated in the adoption of a comprehensive strategy that determines the new global research programs and a new funding model that prepares CGIAR to absorb and attract vastly more program funding, with a target annual budget of $1 billion by 2013, to which the World Bank contributes some $50 million per year. With agriculture production needing to rise some 70 percent by 2050, and with a five- to ten-year window to develop new varieties and get them to farmers, increased funding from the international community for global research is critical.

4 Risposte a “Global Food Prices Remain High and Volatile Affecting Poorest Countries the Most”

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