61409

            RESPONDING TO GLOBAL FOOD PRICE VOLATILITY
                  AND ITS IMPACT ON FOOD SECURITY

                               CHAIR’S SUMMING UP*

                        Meeting of the Committee of the Whole

                                     March 22, 2011
   Executive Directors considered the document “Responding to Global Food Price
    Volatility and Its Impact on Food Security” (SECM2011-0145). They welcomed the
    World Bank Group’s responsiveness in addressing the challenges caused by food
    price volatility. They also acknowledged the need for global action to deal with the
    complex set of issues.

   Directors underlined the drivers of food price volatility including weather impacts on
    production and stock management, speculation, trade policies, as well as national and
    international market conditions. They reaffirmed the positive weight of technological
    progress and investment in agricultural research and development to support
    productivity growth and its weather resilience. They stressed the importance of
    global coordination for agricultural research, as in the case of the Consultative Group
    for International Agricultural Research (CGIAR).

   Directors stressed the need for a continued short-term response, in particular through
    the Global Food Crisis Response Program, while scaling-up the World Bank Groups’
    support for agriculture. They encouraged the Bank Group to assist countries in
    preserving access to food for the poor and vulnerable while supporting long-term
    actions on climate resilient production and trade promotion. .

   The use of innovative instruments, technical assistance and more studies on
    agricultural development were encouraged to better manage risks and reduce
    vulnerability. Developing smallholder agricultural systems and capacity building to
    improve local market integration in regional and world markets should be considered.

   The multi-sectoral dimension of the food price crisis was noted including its linkages
    with nutritional outcomes, water management, transport, trade, gender, climate
    change and the environment. The need to strengthen coordination between public and
    private sector and promote South-South cooperation was underlined.

   Directors underscored the need to strengthen synergies within the World Bank Group
    and with other development partners to reduce fragmentation and leverage financing
    of programs addressing food security. They encouraged division of labor among
    multilateral and bilateral partners based on comparative advantages and with clear
    delineation of roles and responsibilities.


    *This summary is not an approved record.