Do not forget about the other crisis: IMF head
The "other crisis" developing countries face from soaring food prices should not be forgotten while the world grapples with the financial crisis, IMF head Dominique Strauss-Kahn said on Saturday.
By Agencies |
WASHINGTON: The "other crisis" developing countries face from soaring food prices should not be forgotten while the world grapples with the financial crisis, IMF head Dominique Strauss-Kahn said on Saturday.
Strauss-Kahn said that although food costs had moderated in recent months, they are still much higher than they were "and this bill is still unaffordable for poor countries."
Donor country budgets are being strained as the financial crisis rips through markets and banks, slowing the economy, but Strauss-Kahn called on them not to cut back on their aid commitments.
Poor countries "absolutely need this money to avoid starvation.
"We are in a big crisis but don't forget the other one," Strauss-Kahn told a news conference during the International Monetary Fund's annual meeting in Washington.
At the IMF spring meeting in April, Strauss-Kahn had warned that rising inflation, especially in food, could have terrible consequences for the world, including mass starvation and social unrest.
Strauss-Kahn said that although food costs had moderated in recent months, they are still much higher than they were "and this bill is still unaffordable for poor countries."
Donor country budgets are being strained as the financial crisis rips through markets and banks, slowing the economy, but Strauss-Kahn called on them not to cut back on their aid commitments.
Poor countries "absolutely need this money to avoid starvation.
"We are in a big crisis but don't forget the other one," Strauss-Kahn told a news conference during the International Monetary Fund's annual meeting in Washington.
At the IMF spring meeting in April, Strauss-Kahn had warned that rising inflation, especially in food, could have terrible consequences for the world, including mass starvation and social unrest.
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