The heads of the International Energy Agency (IEA), the International Monetary Fund (IMF) and the World Bank said on Wednesday they would form a joint coordination group to strengthen their response to the severe economic and energy fallout from the war in the Middle East, according to Reuters.
In a joint statement, the three institutions said the conflict had caused major disruption across the region and triggered one of the largest supply shortages in the history of global energy markets.
“At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments, align analysis, and coordinate support to policymakers to navigate this crisis,” the heads of the IMF, IEA and World Bank said.
The new coordination group will assess the severity of the impact across countries, coordinate response mechanisms and mobilise stakeholders to provide support to countries in need.
They said the response could include targeted policy advice, assessments of potential financing needs and related financial support, including low- or zero-interest financing, as well as other risk-mitigation tools.
Thousands of people have been killed across the Middle East in the war, which began when the United States and Israel struck Iran on February 28, triggering Iranian attacks on Israel, US bases and Gulf states, while also opening a new front in Lebanon.