The Asian Development Bank called on Saturday for immediate action from global governments to combat soaring food prices and pledged fresh financial aid to help feed the Asia Pacific region’s poorest nations. ADB president Haruhiko Kuroda told a news conference in Madrid, where the bank is holding its four-day annual meeting, that total lending ”could be sizeable, but not enormous”.
Food prices are soaring, a wealthier Asia is demanding better food and farmers can’t keep up. In short, the world faces a food crisis and in some places it is already boiling over. Around the globe, people are protesting and governments are responding with often counterproductive controls on prices and exports.