A report from Agence France Presse quoted U.S. Treasury Secretary Henry Paulson as saying that despite the risks associated with the U.S. economic slowdown, "developing countries are on track to record their sixth consecutive year of average growth in excess of 6%, an accomplishment unparalleled in recent history." The Treasury secretary said the gains in commodity prices had produced large beneficial shifts in the terms of trade for many developing countries. For these countries, it "is essential to translate this boom into the foundations for higher sustainable growth," he said.

But he also appeared mindful of the pain rising prices are causing in many places. For those countries that have suffered as a result of soaring commodity prices, such as for oil, he said, they "may need to implement better energy demand policies and targeted safety net programs," according to the report. Such countries, he said, should also "resist the temptation of price controls and consumption subsidies that are generally not effective and efficient methods of protecting vulnerable groups." Dominique Strauss-Kahn, head of the IMF, warned that escalating commodity prices, especially for food, could lead to conflict, according to the AFP report. Robert Zoellick, head of the World Bank, had one suggestion for dealing with the situation. In early April, he proposed a "New Deal" on food, similar in scope to a 1930s program under President Franklin D. Roosevelt that addressed problems arising from the Great Depression.