US EditionIEA, IMF, World Bank Heads Warn of Impacts of Iran War
The groups said higher oil, gas and fertilizer prices are threatening food security and jobs, while some producers face lost export revenue.
- On Monday, the heads of the International Energy Agency , International Monetary Fund , and World Bank Group warned of negative economic impacts from the war against Iran involving the United States and Israel.
- The conflict, which began February 28, disrupted crude oil shipments through the Strait of Hormuz, triggering higher prices for oil, gas, and fertilizer while raising concerns about global food security and job losses.
- Kristalina Georgieva, managing director of the IMF, stated on Thursday that the organization is revising down its global economic growth forecast for this year due to the conflict in the Middle East.
- The organizations are coordinating efforts to provide tailored policy advice and financial support to member countries, with their upcoming Oil Market Report and World Economic Outlook addressing affected nations.
- Although shipping flows may eventually resume, the institutions noted that global commodity supplies will take time to reach pre-conflict levels, with prolonged high prices for fuel and fertilizer complicating recovery.
24 Articles
24 Articles
The International Monetary Fund (IMF), the World Bank and the International Energy Agency (IEA) warned on Tuesday in a joint statement on the sidelines of the IMF and World Bank spring meetings of the two organizations that the consequences of a war against Iran would be felt for some time after the Strait of Hormuz reopens.
World Bank, IMF, IEA offer policy support to ease impact of Middle East war
The joint group of IEA, IMF, and World Bank said they are combining efforts, including at the country level, to leverage their respective expertise and help countries through tailored policy advice to improve the economic downturn caused by the war. The post World Bank, IMF, IEA offer policy support to ease impact of Middle East war appeared first on Premium Times Nigeria.
The IEA, IMF, and World Bank have warned that oil, gas, and fertilizer prices could remain high for an extended period due to the impact of the war in the Middle East. IEA President Fatih Birol stated that recovery could take up to two years due to disruptions in the Strait of Hormuz and infrastructure damage.
"The situation remains very uncertain, and shipping traffic through the Strait of Hormuz has not yet returned to normal."
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