April 30, 2008

World Bank asks traders to lift grain export bans

The World Bank has urged exporting countries not to ban the shipment of grains as it will worsen the current global food crisis.

World Bank president Robert Zoellick said Tuesday that export bans encourage hoarding, drive up prices and hurt the poorest people around the world.

Zoellick said in a meeting with the UN agency that the next few weeks are critical for addressing the food crisis. He projects corn, wheat and rice prices to remain high.