Food Crisis: What the World Bank Is Doing (updated April 13, 2010)
> 1.1 billion people were living on less than $1 a day and 923 million were undernourished, even before the food, fuel and financial crises.
> Food prices remain volatile. Local food prices in many countries haven't come down, although international food prices have fallen.
> When food prices are high, poor people either eat less, switch to cheaper, lower quality foods, or forgo spending on health and education.
In response to the severity of the food crisis and the need for prompt action, the World Bank Group set up the Global Food Crisis Response Program (GFRP) in May 2008 to provide immediate relief to countries hard hit by high food prices. The Bank response has been articulated in coordination with the United Nations' High-Level Task Force on food security. Through its response, the Bank is supporting the implementation of the joint Comprehensive Framework for Action (CFA).
- The World Bank Group increased GFRP to $2 billion in April 2009 to provide immediate relief to countries hard hit by high food prices. GFRP was created in May 2008 to reduce the threat high food prices and rising agricultural production and marketing costs pose to the livelihoods of the world's poor. The money is used to feed poor children and other vulnerable groups, provide for nutritional supplements to pregnant women, lactating mothers, infants and small children, to meet additional expenses of food imports or to buy seeds for the new season.
GFRP has approved $1,170.4 million out of $1,190.4 million in 35 countries as of April 8, 2010. An additional $20 million is being earmarked for programs in two countries. $884 million out of the $1,170.4 million in Board-approved Bank-funded GFRP projects has been disbursed (75 percent of Board-approved funds).