Word: grains
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...Catholic Relief Services: "The situation will remain fairly desperate over the coming year. The harvest is better, but the number of people in need will remain high." Another problem is that little has been done to make African agriculture more resilient. Few of the drought-prone countries have grain reserves, and a lack of rain next year could easily wipe out this year's gains. "The emphasis is still on feeding the person, not helping him to produce," says Saouma...
...people. Some $84 million has been raised, reported Kevin Jenden, the British architect who serves as executive director of the London-based Band Aid Trust and U.S. Live Aid Foundation. At least $34 million has already been spent for famine relief, says Jenden, which provided 17,000 tons of grain, 2,000 tons of milk powder, 1,200 tons of sugar and 350 metric tons of biscuits. More than $40 million will go toward long-term development projects, such as irrigation and reforestation...
...quietly deciding to loan money to the Soviet Union. The First National Bank of Chicago and three New York banks--Bankers Trust, Morgan Guaranty and Irving Trust--have joined the Royal Bank of Canada in giving the Soviets a $200 million credit line to help buy American and Canadian grain. Other U.S. banks are expected to participate in the loans...
American loans dried up after the Soviets invaded Afghanistan in 1979 and President Carter responded by putting strict limits on U.S. grain sales to Moscow. When Reagan lifted the embargo in 1981, the Soviet Union turned mostly to Europe for loans to buy grain. This year, though, the Kremlin began seeking American credit once again. Troubled by seven consecutive disappointing harvests, the Soviets are expected to buy $1.6 billion worth of grain from the U.S. this year...
...quarter of a percentage point more than the London Interbank Offered Rate, an international benchmark that currently stands at 8.125%. The bankers are confident that they will not be criticized for giving the Soviets favorable terms. Reason: financially strapped U.S. farmers are in desperate need of boosting their grain sales to Moscow...