Global Food Crisis: Sector Results Profile

Global Food Crisis: Sector Results Profile
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The Global Food Crisis Response: Bank Efforts to Offset Price Shocks Reach Nearly 40 Million People in 47 Countries. Overview The World Bank responded to the food price crisis of early 2008 through the Global Food Crisis Response Program (GFRP), which mixes fast-track funding from the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) with trust fund grants to address the immediate food crisis, while encouraging agricultural systems to build resilience for the future. GFRP resources have currently financed operations amounting to over US$1.5 billion, reaching 40 million vulnerable people in 47 countries, mostly in Africa. Full Brief—5 Pages The Global Food Crisis Response: A Quick Response, But Long-Term Solutions—PDF, April 2012 MULTIMEDIA MORE Filling the Need: Global Food Crisis Response Program Food Crisis in Kyrgyz Republic Double Jeopardy: Responding to Africa’s Food and Fuel Crisis More Results  29.5 million Number of people estimated to have been reached by the food supply response 40 million Number of vulnerable people reached in 47 countries by the current GFRP financing of US$1.5 billion MORE INFORMATION Food Crisis Website IDA-at-Work: The World Bank’s Response to the Food Crisis Partners: The UN High-Level Task Force on the Global Food Security Crisis   Challenge In 2008, sudden and strong staple food price increases eroded household purchasing power, reduced calorie intake and nutrition, and pushed more people into poverty and hunger, making it even harder to achieve the first Millennium Development Goal of halving poverty and hunger by 2015. The 2011 food price spike alone resulted in an estimated net increase of about 44 million more people in poverty in the short run. Changes in wages and farmers’ supply response reduce the negative impact of higher food prices on extreme poverty, but none of these long-term reductions is large enough to offset the initial large negative impact on poverty in the short run. These poor are added to the 1.2 billion people already living below the extreme poverty line of US$1.25 a day. Approach An era of food crises reminiscent of the 1960s and 1970s seemed to return in 2008, requiring methods of delivering aid and support quickly. This led the World Bank to create the Global Food Crisis Response Program (GFRP). In 2008, its immediate efforts included boosting social protection, bolstering affected countries’ fiscal capacities, and maintaining short- and medium-term food production, with grant resources targeted to the poorest and most vulnerable countries. Read in the complete document at :- http://www.cdrn.org.in/show.detail.asp?id=23811