Saudi Minister of Finance Dr. Ibrahim Al-Assaf highlighted the importance of uniting the efforts of global community to help developing countries, particularly desert countries in southern Africa, maintain the pace of their development. In a speech before the 77th Development Committee, an affiliate of the World Bank, held in Washington Monday night, Assaf emphasized the importance of the developed countries living up to their commitments and increasing assistance provided for the developing countries. He confirmed the effective role that the WB ought to play to assist those countries, particularly the poor, to develop their private sectors and administrative capacities. On the risks currently facing the global economy, the Saudi minister expressed concern towards the aggravation of this situation that could result in negative economic and social repercussions, especially due to food price hikes and the higher cost of living – issues that could erode the positive results reflected in the economic growth increases and poverty rate decreases achieved over the past few years. He pointed to the fact that the phenomenon of using agricultural products to produce biofuel is one of the main reasons behind the acceleration of food price increases, and warned against the continuation of this trend. Assaf expressed support for the call by the President of the WB, Robert Zoellick, for the world community to conclude a new deal aiming at reviewing international food policies and assist poor countries to have their immediate and long-term food needs. In this connection, he noted the responsibility of advanced countries to assist in solving this crisis and the role that should be played to support the World Food Program in the United Nations, as an urgent solution on one hand, and the importance of seeking to make the Doha International Trade Session a success, as this would open the markets of advanced countries to agricultural products coming from developing countries on the other. Also on Monday night, the Saudi American Business Council held a reception party in honor of Assaf. The reception party was attended by members of the Business Council and a number of Saudi and American businessmen, as well as officials of the Saudi Embassy in Washington and members of the accredited diplomatic corps in the United States. __
