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. Last Updated: 07/27/2016

Wolfowitz Urges Cuts in Farm Aid

WASHINGTON -- World Bank president Paul Wolfowitz said Tuesday that phasing out agricultural subsidies in rich nations would be an important part of tackling poverty in the world's poorest ones.

"You're not going to eliminate them overnight, but at least let's start moving in the right direction," he said.

Wolfowitz stressed the importance to fighting poverty of both trade and aid, but he warned against becoming too focused on having foreigners invest in poor countries.

"I think experience in successful developing countries says the bulk of those come from domestic private investors, not foreigners," he said.

"I think it's important that we keep our eye on the whole ball and not just think about what might look like the interest of large multinational corporations."

Wolfowitz also stressed the importance of fighting corruption, which he said was not the fault solely of developing countries.

"Every corrupt transaction has two parties," he said.