Middle East Crisis: IEA, IMF, World Bank Reiterate Support To Affected Countries

The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group and World Trade Organisation (WTO) have reaffirmed their commitment to supporting countries most affected by the ongoing Middle East crisis, amid rising concerns over energy supply disruptions, food insecurity and global economic stability.

The institutions made the pledge in a joint statement issued on Friday following a high-level coordination meeting held on May 28, as part of a broader framework established in April to assess and respond to the economic and energy impacts of the conflict.

According to the statement, the meeting reviewed the evolving effects of the war on global energy markets, trade flows and macroeconomic conditions, with particular focus on vulnerable economies already facing pressure from inflation and supply chain disruptions.

“The war in the Middle East is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions,” the institutions said.

They warned that although the global economy continues to show resilience, the impact of the crisis is being disproportionately felt by developing and low-income countries, particularly through rising fuel and fertiliser prices, growing uncertainty, and threats to employment and livelihoods.

“Higher fertiliser prices are of particular concern as many countries enter the planting season,” the statement added.

The organisations also noted that global oil inventories are being depleted at a rapid pace due to significant supply disruptions linked to the Strait of Hormuz, raising concerns about energy security ahead of peak summer demand in the Northern Hemisphere.

They cautioned that if the current shipping disruptions persist, continued depletion of global reserves could destabilise fuel markets and weaken broader economic resilience worldwide.

“We met to take stock of the impacts, discuss the situation in the most affected countries and regions, and coordinate our support to those in need,” the institutions said.

They further stated that they are exploring additional multilateral and bilateral measures to strengthen support for affected countries, while improving coordination among global financial and trade institutions.

The statement also highlighted the need for close monitoring of fertiliser supply chains, energy markets and broader economic indicators to help governments respond effectively to emerging risks.

“In this regard, we are tracking and analysing measures taken by governments to address the economic impact of the conflict, with a view to promoting transparency, sharing lessons, and identifying emerging risks,” they said.

The institutions added that they would remain in close contact as the situation evolves, pledging continued collaboration to support global economic stability and countries most affected by the crisis.