The New Nation - Internet Edition

AFP, Rome

UN chief Ban Ki-moon warned Wednesday that failure is not an option in addressing the global food price crisis, and said an extra 15-20 billion dollars per year would be needed to help avoid disaster.

"We simply cannot afford to fail," the UN secretary general told a news conference at the UN Food and Agriculture (FAO) summit on food security. "Hundreds of millions of people expect no less."

The extra resources that might be as required will cost between 15 billion and 20 billion dollars (10-13 billion euros) a year, Ban said. Food prices have doubled in three years, according to the World Bank, sparking riots in Egypt and Haiti and in many African nations. Brazil, Vietnam, India and Egypt have all imposed food export restrictions.

Participants in the high-profile summit are finalising a Comprehensive Framework for Action to address the crisis, Ban said, noting that its implementation will require "substantial and sustained financial and political commitment."

World Bank President Robert Zoellick called for the lifting of trade barriers that contribute to food price inflation.

"We need an international call to remove export bans and restrictions," Zoellick told the news conference. "These controls encourage hoarding, drive up prices and hurt the poorest people around the world who are struggling to feed themselves," he said.