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May 23, 2008

India blames World Bank, IMF for food and fuel crisis

NST - Firmly rejecting the contention that rising consumption in developing nations was responsible for the soaring food and fuel prices, India has blamed the policies of World Bank and IMF and

“excessive and unsustainable” demand in developed countries for the crisis.
“This consumption trend has existed for more than a decade,” said Indian UN Ambassador Nirupam Sen, pointing out that over last two years, the demand for oil has gone up one per cent but prices in dollar terms have risen by 90 per cent.

Addressing a special meeting of the United Nations Economic and Social Council to consider the issue of rising food prices, he held financial crisis leading to weakening dollar and diversion of grains to production of bio-fuels among the major causes.

Sen also blamed the policies followed by the Bretton Woods Institutions (B.W.I.) responsible and severely criticised their advice to countries to shift from food crops for domestic population to cash crops for exports.
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