The rapid rise in food prices has been a burden on the poor in developing countries, who spend roughly half of their household incomes on food.
Soaring prices for staples such as rice, maize, and wheat have been compounded by rising prices at the gas pumps—leading to requests for emergency food aid in many countries around the world, underlines the World Bank in a press release Wednesday.
– How we respond to this double jeopardy of soaring food and fuel prices is a test of the global system’s commitment to help the most vulnerable, said World Bank President Robert B. Zoellick, speaking on the sidelines of the recent G8 Summit in Japan. – It is a test we cannot afford to fail, added he.
In May 2008, the World Bank approved a new 1,2 billion US dollar rapid financing facility to address immediate needs arising from the food crisis. The Global Food Response Program (GFRP) aims to strike a balance between short-term food stabilization and measures to ensure countries are able to cope better in the medium term.
To date, the Bank has approved and begun disbursing 54 million US dollar in six countries. Programs totaling 69 million US dollar in eight additional countries are pending approval. An additional 440 million US dollar in grants is being earmarked for programs in another 16 countries.
Mere på: www.worldbank.org
