IMF expressed its deep concerns on the effects of rising food and fuel prices on developing economies.

John Lipsky, IMF First Deputy Managing Director, said: "Many of the developing countries in general are recovering clearly from the aftermath of the crisis of 2008, 2009. We all know that the only way out of poverty for low income citizens of developing countries is through sustained, rapid growth."

He said the rise of food and fuel prices threaten the progress in some of these countries, but the "strength of growth itself is only part of the story".

"Only by connecting through trade links to the world economy, has there been success in producing sustained, rapid growth," he added.