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Least developed countries call for creation of "Global Food Bank"

(Xinhua)
Updated: 2008-09-27 06:34

UNITED NATIONS -- The world's least developed countries (LDCs) have appealed to the United Nations for the creation of a Global Food Bank to deal with the food crisis, Bangladesh's Prime Minister Fakhruddin Ahmed told the UN General Assembly Friday.

The food crisis is not a "one-off event, Fakhruddin told world leaders at the 192-member body's annual debate.

"The crisis will revisit us, perhaps in greater intensity and frequency, unless we put in place both short and long-term measures to prevent its recurrence," he said.

As an LDC representative, Bangladesh has urged UN Secretary- General Ban Ki-moon to "look into the possibility of creating a Global Food Bank," he noted.

"We suggested that the Food Bank could allow countries facing a short-term shortfall in production to borrow food grains on preferential terms," he said.

"Once they overcame the shortfall, these countries could return the quantum to the Food Bank," he noted.

"We could also explore the possibility of determining special drawing rights for each country, using criteria such as population, level of poverty and annual variation in their level of food production," he said.

Such an arrangement would allow the LDCs to prevent hoarding and price gouging by speculators in anticipation of, and during, a food crisis, he said.