MercoPress. South Atlantic News Agency

UN praises World Bank funding to tackle food crisis

Secretary-General Ban Ki-moon welcomed the 1.2 billion US dollars in funding from the World Bank to help tackle the global food crisis that has emerged in recent months.

"The Secretary-General welcomes the announcement by the World Bank of a 1.2 billion US dollars rapid financing facility as an important step in providing quick support to those most affected by the current food security crisis" a spokesperson for Mr. Ban said in a statement in New York. According to the UN, some 860 million people are suffering from hunger and malnourishment, a situation that has been worsened by recent severe price rises for food staples such as rice and wheat. UN agencies also forecasted in a report issued earlier this week that food prices are likely to remain high over the next decade. Mr. Ban said that there is a need to provide a closely coordinated and coherent response to the global food crisis in the short, medium and long term. In Rome, starting on Tuesday, Secretary-General Ban Ki-moon will chair a three-day summit on the crisis, bringing together the heads of key UN agencies, as well as the International Monetary Fund and the World Bank, along with many Heads of State and Government. From Washington the World Bank said that grants worth a total of 200 million are being set aside for "high priority" countries most at risk from acute hunger. Haiti and Liberia will get 10 million each to feed their most vulnerable people while Djibouti will receive 5 million. "It is crucial that we focus on specific action," said World Bank president Robert Zoellick adding that "these initiatives will help address the immediate danger of hunger and malnutrition for the two billion people struggling to survive in the face of rising food prices". Countries will be able to access money to provide food for schools and other core services as well as to buy essential items such as seeds and fertilizer. The World Bank will also devote an additional 2 billion next year to funding agricultural projects, including crop insurance schemes. "This is not an issue like HIV/Aids where you need some research breakthrough. People know what to do. We just have to make sure we get the resources and coordinate the operations around the world" said Zoellick. A United Nations report published on Thursday warned that prices for key staples such as wheat and beef could remain inflated for many years.