In response to the energy and economic consequences of the Middle Eastern crisis, the World Bank Group, the International Monetary Fund, and the International Energy Agency have established a global coordination group in Riyadh.
The institutions issued a joint press statement stating that the war, which is currently in its second month, has expanded across the region, posing threats to the global economy and significantly disrupting regional energy supply and markets. Markets are still vulnerable to supply shocks, and this development highlights mounting worry about the possible knock-on consequences of the US-Israeli onslaught against Iran.
Amid the current climate of high uncertainty, the statement emphasized the critical importance of collaboration among our institutions to closely track developments, harmonize analyses, and provide coordinated support to policymakers as they navigate this crisis.
According to the international organizations, the coordination committee will assess how the violence has affected different nations, devise a strategy to respond, and rally aid for the victims. We are dedicated to collaborating to protect the world’s economy and finances, enhance energy reliability, and assist impacted nations and their citizens in achieving long-term prosperity, development, and new employment opportunities through changes,” the statement stated in its final paragraph.
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