Former World Bank Chief Urges China to Stop Hoarding Food and Fertiliser
David Malpass criticizes China's food and fertiliser stockpiling and its 'developing nation' status.
Source: BBC WorldDavid Malpass, the former head of the World Bank, has called on China to stop hoarding food and fertiliser. He stated that China's claim of being a developing nation is no longer believable. Malpass highlighted that China holds a significant portion of global food and fertiliser reserves. This hoarding impacts global supply chains and contributes to higher prices, especially affecting poorer nations. His comments underscore concerns about global food security and China's role in international economic stability.
- David Malpass served as the President of the World Bank Group from 2019 to 2023.
- China reportedly holds over 60% of the world's maize and other grain reserves.
- The hoarding of food and fertiliser by China can lead to increased global commodity prices.
- Higher prices for food and fertiliser disproportionately affect low-income countries and contribute to food insecurity.
- Malpass's statement challenges China's self-declared status as a developing country, suggesting it should take on more responsibilities as a major economy.
The World Bank Group is a family of five international organizations that make leveraged loans to developing countries. It was established in 1944 and is headquartered in Washington, D.C. Its goal is to reduce poverty and support development.
Food security means that all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their dietary needs and food preferences for an active and healthy life.
David Malpass is an American economic analyst and former government official who served as the 13th President of the World Bank Group from April 2019 to June 2023. He previously served as Under Secretary of the Treasury for International Affairs.
Questions often focus on international organizations like the World Bank, global food security issues, and the economic roles of major countries like China.
Remember Malpass (Mal-pass) as 'Mal' meaning bad, and 'pass' meaning to pass on responsibility. He said China's hoarding is 'bad' and it should 'pass on' its developing nation status.