The Heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organisation have reiterated their support to countries most affected by the Middle East crisis.

The institutions made this known in a joint statement on Friday.

The statement said the heads of institutions met on May 28 as part of a high-level group established in April to coordinate responses to the Middle East war’s energy, trade, and economic impacts.

It said that following the meeting, the institutions issued the following statement:

It stated, “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. While the global economy continues to show resilience, the effects of the conflict are disproportionately affecting the most vulnerable countries through higher fuel and fertiliser prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertiliser prices are of particular concern as many countries enter the planting season.”

The institutions said at the same time that global oil inventories were being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz.

They said if shipping flows persisted, continued rapid depletion of global oil inventories before peak summer oil demand in the Northern Hemisphere could threaten fuel security, market conditions, and broader economic resilience.

The statement noted, “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. We also explored options to further enhance collective support through multilateral and bilateral actions.”

The Institutions said they highlighted the importance of closely monitoring fertiliser supply chains, energy and economic developments as well as policy responses.

It added, “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.

“We will remain in close contact as the situation evolves and continue coordinating our efforts to support the countries most affected and global economic stability.”

(NAN)