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FAO’S PERSPECTIVE ON SOARING FOOD PRICES

FAO’S PERSPECTIVE ON SOARING FOOD PRICES. FAO Presentation at AFRACA Central Bank Forum 23-25 September 08 - Livingstone Dr Noureddin Mona- FAO Representative. Outline of Presentation. General synopsis of global and national price trends

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FAO’S PERSPECTIVE ON SOARING FOOD PRICES

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  1. FAO’S PERSPECTIVE ON SOARING FOOD PRICES FAO Presentation at AFRACA Central Bank Forum 23-25 September 08 - Livingstone Dr Noureddin Mona- FAO Representative

  2. Outline of Presentation • General synopsis of global and national price trends • Global and national analysis of demand and supply drivers of soaring food prices • Proposed measures for Zambia’s Strategy for Benefiting from Rising Food Prices • FAO-Zambia initiatives with respect to Soaring food prices in Zambia • Concluding messages

  3. General synopsis • Global Food prices are increasing at unprecedented rates • 75 million people have been rendered hungry by these prices. • FAO Food price index has increased by 57% between March 07 and March 08 • Prices of Key food stuffs rose by 52% between 2007 and 2008 while fertilizers nearly doubled over the same period

  4. Demand and Supply Drivers of Soaring Food PricesDemand and Supply side factors

  5. Other relevant factors

  6. Proposed investment areas for Zambia to gain from the soaring food prices.

  7. Proposed measures for Zambia’s strategy to gain from the soaring food prices....continued

  8. CROSSCUTTING MEASURES • Predictable export policies to stimulate investment and production • Enact market facilitating legislation - Agricultural Marketing Act and Amendment to the Agricultural Credit Act • Predictable and rational FRA market behavior as stipulated in the Agriculture Marketing Act • Promote and utilize the Zambia Agricultural Commodity Exchange (ZAMACE) • Restructure FSP based on the findings of the World Bank’s Assessment • Follow FNDP and pursue an FNDP-compliant CAADP Compact program.

  9. FAO-Zambia Initiatives on Supporting Zambia to gain from Soaring Food Prices

  10. Concluding Messages • Projections suggest that food prices are likely to remain high in the next few years and will probably not retreat to the pre-2007 level. • The surge in food prices is both a threat and an opportunity. • Though the current crisis “is a risk for peace and stability around the world” , it is also a great opportunity for agricultural investment and development.

  11. Time to act is now! Thank you for you attention!!!!

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