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UN and World Bank want G8 'investment' on food prices

07/07/2008

UN secretary general Ban Ki-moon and World Bank president Robert Zoellick have called on G8 leaders to invest now to prevent future food price crises.

Speaking at a press conference in Hokkaido, Japan, where this year's G8 summit got underway today, the pair pressed the importance of getting through the current "danger zone" with swift action.

They also both emphasised a full range of long-term measures which, it is hoped, will enable the off-track millennium development goals to be met.

"Our efforts so far have been too divided, too sporadic. The time has come to take a very different approach. The UN stands ready to assist on all these global challenges," Mr Ban said.

"Every dollar euro or yen invested today… is worth ten tomorrow and 100 the day after. I urge the world leaders present here in Hokkaido to be the catalyst for this collective effort."

Mr Zoellick underlined the UN's concerns, saying: "We need to turn this crisis into an opportunity for development over the long-term.

"With wise investments we can vastly expand yields… especially in Africa, increasing the incomes of the poor while producing more food."

The pair is concerned that combined record oil and food prices are threatening to drive over 100 million into extreme poverty. Rising prices have seen 41 countries lose three to ten per cent of their GDP since January 2007, the World Bank says.