IEA, IMF, World Bank reaffirm support for countries hit by Middle East crisis
The International Energy Agency (IEA), the International Monetary Fund (IMF), and the World Bank Group have reaffirmed their commitment to supporting member countries affected by the ongoing Middle East crisis, warning that the conflict continues to have severe global economic and energy consequences.
According to a joint statement made available to the News Agency of Nigeria (NAN) in Abuja on Monday, the heads of the three institutions met as part of a coordination framework established in April 2026 to strengthen their collective response to the energy and economic shocks triggered by the war.
The statement noted that the impact of the crisis has been “substantial, global, and highly asymmetric,” with developing economies and energy-importing countries bearing the heaviest burden.
It added that low-income nations are particularly exposed to rising fuel, gas, and fertiliser prices.
The institutions warned that the surge in commodity prices has heightened concerns over food security, inflation, and potential job losses across several economies.
They also noted that some oil and gas-producing countries in the Middle East have experienced significant revenue declines as export disruptions persist.
According to the statement, shipping through the Strait of Hormuz has not yet normalised, describing the situation as highly uncertain. It warned that even after maritime flows resume fully, global supply chains for key commodities may take time to return to pre-conflict levels.
The IEA, IMF, and World Bank further observed that fuel and fertiliser prices could remain elevated for an extended period due to damage to production and transport infrastructure.
They explained that ongoing supply disruptions are likely to affect multiple sectors, including energy, agriculture, manufacturing, and services, as shortages of key inputs continue to ripple through global markets.
The statement also highlighted broader humanitarian and economic consequences, noting that the conflict has led to forced displacement, reduced employment opportunities, and disruptions in travel and tourism, all of which may take considerable time to recover.
The institutions said they reviewed their latest assessments ahead of the release of the IEA’s monthly Oil Market Report and the IMF’s World Economic Outlook scheduled for April 15, 2026.
They added that discussions also focused on countries most affected by the crisis, as well as ongoing policy and financial responses being implemented at national and international levels.
According to the statement, the IEA, IMF, and World Bank are working closely together, including at country level, to provide tailored policy advice and financial assistance where necessary.
The organisations pledged to continue monitoring developments in global energy markets and assessing the broader economic implications of the war.
They further committed to coordinating their responses with other international organisations to help stabilise affected economies and support a resilient recovery.
The statement said that the shared goal remains to “lay the foundations for a resilient recovery that delivers stability, growth, and jobs” across affected regions.
