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Financial crisis could worsen food crisis - FAO

The threat of global recession triggered by the ongoing international banking crisis could hit hard agriculture in developing countries, FAO director-general Jacques-Diouff has warned. And he added that moves by richer nations to cushion the impact of the crisis on their economies by reducing international aid spending and erecting trade barriers to protect domestic industries will reverse the recent trend of increasing goodwill towards international development.

In a statement to mark the 34th session of the FAO's Committee on World Food Security, in October 2008, Diouff said: "Borrowing, bank lending, official development aid, foreign direct investment and workers' remittances may all be compromised by a deepening financial crisis." But he added, "The global financial crisis should not make us forget the food crisis. Agriculture needs urgent and sustained attention too, to make hunger and rural poverty part of history."

Already many development organisations are preparing to make staff cutbacks during 2009 to cushion the impact of the crisis.

Date published: November 2008

 

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