RIYADH: A global coordination group has been set up by the International Monetary Fund, International Energy Agency and World Bank Group to respond to the economic and energy fallout from the conflict in the Middle East.
In a joint press statement, the institutions said the war, now in its second month, has spread across the region, causing major disruptions to regional energy supplies and markets while heightening risks to the global economy.
The move underscores growing concern over the potential spillover effects of the US-Israel offensive against Iran, particularly as markets remain sensitive to supply shocks.
“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,” said the statement.
The international bodies added that the coordination group will evaluate the conflict’s impact on countries, coordinate a response plan, and mobilize support for those in need.
“We are committed to working together to safeguard global economic and financial stability, strengthen energy security, and support affected countries and people on their path to sustained recovery, growth, and job creation through reforms,” the statement concluded.
