The International Monetary Fund (IMF) has projected that as much as $50 billion may be required in emergency financing to support countries grappling with balance-of-payments shocks, amid rising global economic uncertainty and worsening food insecurity affecting an estimated 45 million people worldwide.
The forecast comes as over 1,000 delegates representing about 190 countries converge in Washington, D.C. for the 2026 Spring Meetings jointly organised by the IMF and the World Bank.
The meetings, which begin Monday, April 13, are themed “Anchoring Stability and Promoting Balanced Growth.”
This year’s gathering is overshadowed by fresh geopolitical tensions, particularly the economic consequences of the ongoing Middle East conflict, which has added pressure to an already fragile global economy.
In a significant escalation, Donald Trump ordered the United States Navy to blockade the strategic Strait of Hormuz following the collapse of nuclear negotiations with Iran.
The narrow waterway is a critical global shipping route for oil, gas, and fertilisers.
Reacting sharply, Iran’s Revolutionary Guards declared that they maintain full control over traffic in the strait, warning that any hostile action would trigger severe consequences.
They cautioned that adversaries attempting to challenge their authority risk being caught in what they described as a “deadly vortex.”
In a detailed statement shared on his social media platform, Trump said the United States aims to eventually clear the waterway of mines and restore free navigation.
However, he stressed that Iran must not benefit economically from its current hold over the route.
“Effective immediately, the United States Navy, the finest in the world, will begin the process of BLOCKADING any and all ships trying to enter or leave the Strait of Hormuz,” Trump declared.
“Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!”
Meanwhile, IMF Managing Director Kristalina Georgieva has warned that the Fund is set to revise downward its global growth projections as the meetings commence.
She pointed to the lingering economic damage caused by soaring energy prices, supply chain disruptions, and infrastructure losses.
Georgieva emphasised that these “scarring effects” continue to weigh heavily on global output, further complicating recovery efforts for vulnerable economies.
The tensions have also affected maritime activity in the Strait of Hormuz, where Iran has reportedly restricted access, allowing passage primarily to vessels linked to allied nations such as China.
There are also unverified reports suggesting that Tehran may introduce toll charges for ships navigating the route.
Condemning the move, Trump described it as “world extortion,” stating, “I have also instructed our Navy to seek and interdict every vessel in international waters that has paid a toll to Iran.
”No one who pays an illegal toll will have safe passage on the high seas. We will also begin destroying the mines the Iranians laid in the straits.”
Amid these global developments, the Nigerian Economic Summit Group recently projected that Nigeria’s economy could grow by 5.5 per cent in 2026, with foreign reserves reaching a seven-year high of $52 billion and inflation easing to 16 per cent offering a measure of optimism despite mounting external risks.
