IMF MEETING World Bank urges rich nations to reform farm policies |
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Fri, 19 Oct 2007 17:07
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WASHINGTON (Thomson Financial) - The World Bank said rich countries need to reform agricultural policies which hurt poor economies.'For example, it is vital that the United States reduces cotton subsidies which depress prices for African smallholders,' it said in its annual world development report, published today.It said rich countries' restrictive tariffs and heavy subsidies in biofuels drive up food prices and limit export opportunities for efficient developing country producers.The Bank said agriculture needs to be placed at the centre of the development agenda if the goal of halving extreme poverty by 2015 is to be achieved.'Agricultural growth has been highly successful in reducing poverty in East Asia over the past 15 years,' said World Bank chief economist Francois Bourguignon. 'The challenge is to sustain and expand agriculture's unique poverty reducing power, especially in sub-Saharan Africa and South Asia.''A dynamic 'agriculture for development' agenda can benefit the estimated 900 mln rural people in the developing world who live on less than 1 usd a day, most of whom are engaged in agriculture,' said World Bank president Robert Zoellick.The Bank also warned that global food supplies are under pressure from expanding demand for food, feed and biofuels; rising energy prices; and land and water scarcity.'This in turn is contributing to uncertainty about future food prices,' it said.steve.whitehouse@thomson.comsw/roCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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