World Bank, IMF, and IEA form joint taskforce over Middle East war shock
KAMPALA, April 2, 2026 — The heads of the International Energy Agency [IEA], International Monetary Fund [IMF], and World Bank Group [WBG] have agreed to establish a high-level coordination group to respond to the far-reaching energy and economic fallout from the ongoing war in the Middle East.
In a joint statement issued on Wednesday, the three institutions warned that the conflict has caused “major disruptions” to livelihoods across the region and triggered one of the largest supply shortages in the history of global energy markets.
They said the impact is “substantial, global and highly asymmetric”, with energy-importing nations, particularly low-income countries, bearing the brunt of rising costs and economic strain.
The effects are already being felt worldwide through surging prices of oil, gas and fertilisers, alongside growing concerns over food inflation.
The institutions also highlighted disruptions to global supply chains, including key commodities such as helium, phosphate and aluminium, as well as setbacks in tourism caused by flight interruptions at major Gulf transit hubs.
The resulting market volatility has contributed to weakening currencies in emerging economies and heightened fears over inflation, raising the likelihood of tighter monetary policies and slower economic growth.
“In times of high uncertainty, it is paramount that our institutions join forces,” the statement said, emphasising the need for coordinated monitoring, analysis and support for policymakers navigating the crisis.
The newly formed group will focus on assessing the severity of the crisis across countries and regions through shared data on energy prices, trade flows, fiscal pressures and supply chain disruptions. It will also coordinate policy responses, including advising governments, identifying financing needs and mobilising financial support, particularly concessional funding, for vulnerable economies.
In addition, the group will work to rally support from other multilateral, regional and bilateral partners to ensure an efficient and unified response.
The three organisations reaffirmed their commitment to safeguarding global financial stability, strengthening energy security and supporting affected countries on a path to recovery, growth and job creation.
The coordination effort is expected to draw on expertise from other international bodies as the crisis evolves.
https://thecooperator.news/world-bank-group-statement-on-the-conflict-in-the-middle-east/
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