Higher commodity prices could plunge poverty:IMF

"The food and fuel crisis of 2008 and the global financial crisis that followed have been devastating for the poor. And this year, we have seen a renewed surge in commodity prices that could plunge an additional 44 million people into poverty," Lagarde said in her opening remarks at a high-level IMF seminar on `Commodity Price Volatility and Inclusive Growth in Low-Income Countries`.

Lagarde said the downside risks to global growth have increased markedly at a time when the capacity of many low-income countries to absorb further shocks has yet to be re-built from the last two crises.

"Once again, the low-income countries find themselves at a critical juncture. What policies are needed at this challenging time? And how best to rebuild resilience to future shocks?", she questioned.

In the face of a more uncertain global environment, policymakers in low-income countries -- as in many others -- should be prepared to adapt policies according to country-specific circumstances, she said.