In his weekly radio address, Mr. Clinton announced plans to buy $250 million worth of wheat in an effort to boost faltering farm prices. The actual wheat will be used for humanitarian purpose in places like Sudan where war and drought have caused widespread famine.
"With prices for many farm products plummeting, America's farm families face a crisis, and we have an obligation to help," the President said during his address.
The government will buy 2.5 tons of wheat within the next 80 days. This purchase is expected to raise the price of a bushel about 13 cents. Currently, a bushel of wheat costs about $2.75. That's down sharply this year. The drop in price is blamed on the economic crisis in Asia.
But the President says he needs help, helping the farmers. He's asking Congress to refill the coffers of the International Monetary Fund (IMF). This action would allow the IMF to make loans to countries that could in turn buy American agricultural products.