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Asian bank in food crisis warning | Asian bank in food crisis warning |
(40 minutes later) | |
The Asian Development Bank (ADB) has warned that the crisis of rising food prices could reverse gains made in reducing poverty across the continent. | |
Bank president Haruhiko Kuroda warned at its annual meeting in Madrid that "the cheap food era may be over". | Bank president Haruhiko Kuroda warned at its annual meeting in Madrid that "the cheap food era may be over". |
Donor countries have pledged more than $11bn (£5.5bn) to a fund to ease the hardship of Asia's poorest people. | Donor countries have pledged more than $11bn (£5.5bn) to a fund to ease the hardship of Asia's poorest people. |
Meanwhile the African Development Bank has pledged an extra $1bn for its loans portfolio to tackle the food crisis. | Meanwhile the African Development Bank has pledged an extra $1bn for its loans portfolio to tackle the food crisis. |
UN shortfall | |
The BBC's Alan Johnston says that food prices are the key issue on the minds of the thousands of government officials and business figures who have gathered in Madrid. | The BBC's Alan Johnston says that food prices are the key issue on the minds of the thousands of government officials and business figures who have gathered in Madrid. |
ADB president Mr Kuroda said it was critically important to provide financing for development projects in rural Asian areas. | |
Asia is home to about two-thirds of the world's poor | Asia is home to about two-thirds of the world's poor |
He said that progress made in the great effort to lift millions out of poverty could be reversed. | He said that progress made in the great effort to lift millions out of poverty could be reversed. |
The rising cost of food is helping to fuel inflation, which the bank predicts will rise to more than 5% across Asia this year - the highest level since the Asian financial crisis a decade ago. | The rising cost of food is helping to fuel inflation, which the bank predicts will rise to more than 5% across Asia this year - the highest level since the Asian financial crisis a decade ago. |
The cost of the benchmark Thai variety of rice is about $1,000 a tonne, three times the cost at the time of the bank's last meeting a year ago. | The cost of the benchmark Thai variety of rice is about $1,000 a tonne, three times the cost at the time of the bank's last meeting a year ago. |
Poor harvests, global warming, increasing demand and the transfer of food land to biofuel production have all been blamed as factors in the crisis. | Poor harvests, global warming, increasing demand and the transfer of food land to biofuel production have all been blamed as factors in the crisis. |
Major rice producers like Vietnam and India are limiting exports to secure domestic supply. | Major rice producers like Vietnam and India are limiting exports to secure domestic supply. |
Asia has two-thirds of the world's poor, with about 1.7 billion people earning $2 a day or lower. | Asia has two-thirds of the world's poor, with about 1.7 billion people earning $2 a day or lower. |
Meanwhile, the African Development Bank said it would increase its $3.8bn agricultural loan portfolio by $1bn to tackle the crisis. | Meanwhile, the African Development Bank said it would increase its $3.8bn agricultural loan portfolio by $1bn to tackle the crisis. |
Bank president Donald Kaberuka said it would also restructure its lending to allow rapid disbursement of $250m. | Bank president Donald Kaberuka said it would also restructure its lending to allow rapid disbursement of $250m. |
Last month, UN Secretary General Ban Ki-moon announced a high-level task force to deal with the global food crisis. | |
Its first priority, Mr Ban said, was to close a $755m funding gap for the UN's World Food Programme (WFP), caused by the rising cost of food aid. | |
Mr Ban warned of "widespread hunger, malnutrition and social unrest on an unprecedented scale" because of soaring food prices. | |
The WFP believes 100 million people are currently going short of food. |