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The UN’s Committee on World Food Security today showed that it is up to its role as the central body of the global governance on food security, agriculture and nutrition. However a number of governments showed that they are not yet ready to address the structural causes of the broken food system.

Contrary to the positive picture painted by the International Monetary Fund in its 2010 World Economic Outlook, poor countries are being forced to cut back on their economic crisis-response spending too soon.

EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis. 

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World Bank President Jim Yong Kim has yet again failed to profile his commitment to tackling climate change and inequality as central to his aim in eradicating poverty by 2030.

Millions of poor people in Southern Africa, Asia and Central America face hunger and poverty this year and next because of droughts and erratic rains as global temperatures reach new records, and because of the onset of a powerful El Niño.

Oxfam spokesperson Caroline Pearce said: On economic growth:

The World Bank and International Monetary Fund need to ditch the ‘trickle down’ economics of the past and lead the fight against inequality if they are serious about the new target to end extreme poverty by 2030.

Robert Zoellick / the food crisis: Oxfam spokesperson Luc Lamprière said: 

In 2005 the International Monetary Fund (IMF) introduced the Policy Support Instrument (PSI).