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| G20 ministers meet in a bid to tackle high food prices | G20 ministers meet in a bid to tackle high food prices |
| (40 minutes later) | |
| Agriculture ministers from the G20 nations will meet in Paris later today in an attempt to tackle volatile food prices. | Agriculture ministers from the G20 nations will meet in Paris later today in an attempt to tackle volatile food prices. |
| The meeting comes a day after the World Bank unveiled a new measure to provide protection from volatile food prices in developing countries. | The meeting comes a day after the World Bank unveiled a new measure to provide protection from volatile food prices in developing countries. |
| The new measure will allow food producers and consumers to hedge against volatile prices. | The new measure will allow food producers and consumers to hedge against volatile prices. |
| Rising food prices have become a threat to the global economic recovery. | Rising food prices have become a threat to the global economic recovery. |
| Robert Zoellick, the president of the World Bank called volatile food prices " href="http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22945434~pagePK:34370~piPK:34424~theSitePK:4607,00.html" >the single gravest threat" the developing nations were facing. | |
| "People are hungry for food and for action on a global level," he added. | |
| 'Sensible financial engineering' | |
| The World bank said that since June last year, rising and volatile food prices have led to an estimated 44 million more people living in poverty, under $1.25 (£0.77) a day. | |
| It estimated that there are close to one billion hungry people worldwide. | |
| Looking at the threat posed by volatile food prices, the bank has introduced a new risk management tool for the developing nations called the Agriculture Price Risk Management (APRM). | |
| The bank said, its new tool will allow better access to hedging and thus shield consumers and producers of agricultural commodities from price volatility. | |
| It will protect buyers from price rises in food-related commodities such as wheat, sugar, cocoa, milk, live cattle, corn, soybean, and rice, the bank said. | |
| "With this new tool, we can help farmers, food producers, and consumers protect themselves against price swings, strengthen their credit position, and increase their access to finance," said Mr Zoellick. | |
| "This tool shows what sensible financial engineering can do: make lives better for the poor," he added. |