Speaking at a ceremony in Rome to mark World Food Day yesterday, Suzanne Mubarak said: “We have just witnessed how seven hundred billion dollars were raised in record time to salvage the financial markets. How similar injections were made to salvage financial banks.”
The amount pledged earlier this year to promote global food security was, by contrast, US$22bn – and FAO director general Jacques Diouf revealed at the event that so far just 10 per cent of that has been delivered, mainly for emergency food aid.
That amounts to less than the $2.5bn bonus offered to staff at failed Lehman’s New York office by Barclays Capital, which acquired Lehman’s American operation and took on 10,000 staff.
“I believe that the scale of the food crisis is of such magnitude that it warrants nothing less than the same swift and decisive measures to curb its lethal progression," Mubarak added. “Let us all remember that it is the lives of millions of people that are hanging in the balance”.
Indeed, not only is there a gulf in the amount of aid provided in the two scenarios, but there are fears that the banking crisis could mean even less is delivered to counter the food crisis.
Diouf cautioned earlier this week that a reduction of aid to developing countries in the light of the world banking crisis, and introduction of protectionist measures, could bring about another global food crisis next year.
Soaring food prices last year plunged an additional 75 people into hunger and poverty. Even though the 2008 cereal harvest looks likely to be record-breaking, with predictions it could reach 2232m tones, crop failures, conflict, insecurity or prices that are still high.
The withdrawal of international support as countries seek to cushion themselves against financial upheaval could prove cataclysmic.
“Last year it was the pan,” said Diouf. “Next year it could be the fire.”
He built on this yesterday, saying: “What we need… is political will and delivery on financial commitments, if we are to be able to make the essential investments that are needed to promote sustainable agriculture and food security in the poorest countries of the world.”