Saturday, April 19, 2008

Finance Ministers Seek Global Response to Surging Food Prices - Bloomberg April 13

Several ministers said the rise in food prices was related to increased production of biofuels.

"In a world where there is hunger and poverty, there is no justification for diverting food crops to biofuels,'' Indian Finance Minister Palaniappan Chidambaram said.

Saudi Arabian Finance Minister Ibrahim Al-Assaf, without directly naming the U.S. government's support for the corn-based ethanol industry, called on countries to "withdraw subsidies for the production of commercially unviable biofuels.''

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