"Frankly speaking, that G8 meeting is in June and we cannot wait," Mr Zoellick said, after meeting the IMF and the World Bank's Development Committee. "We estimate that a doubling of food prices over the last three years could potentially push 100 million people in low-income countries deeper into poverty."

The World Bank has warned that food prices will remain elevated this year and will probably stay above 2004 levels until 2015. "We estimate that the effect of this food crisis on poverty reduction worldwide is in the order of seven lost years," Mr Zoellick said.

He said that almost half of $500 million that the World Food Program recently requested in additional pledges for food aid had been committed, but the May 1 deadline for raising the money would not be met.

The parliamentary secretary for international development assistance, Bob McMullan, said yesterday Australia was one of the largest donors through the World Food Program, giving $61.7 million last year.

Need less greed more sharing

Need governments to stop subsidizing the burning of food.