On July 7, leaders from the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group (WBG), and World Trade Organization (WTO) convened as part of a high-level coordination group formed in April. Their objective is to enhance their institutions’ responses to the energy, trade, and economic repercussions stemming from the conflict in the Middle East. Following their discussions, they released the following statement:
“Our meeting aimed to assess current developments in energy, trade, and the economy, while also addressing the challenges faced by vulnerable nations and coordinating our aid to those in need.
“The global economy has demonstrated considerable resilience to the disruptions caused by the Middle Eastern conflict, although some regions have experienced slowed growth and rising inflation. The consequences have not been uniform, significantly impacting energy supplies, food security, various commodities, and economic activities across different countries and regions, raising serious concerns regarding growth and price stability.
“We advocate for continued efforts toward resolving the conflict and the reopening of the Strait of Hormuz. Since our last meeting in June, there has been a decline in fuel and fertilizer prices. Nevertheless, uncertainty prevails, and the effects of the conflict may persist. Energy markets and the movement of goods are still under pressure. It is imperative for governments and the international community to remain alert and collaborate to uphold the freedom of navigation both in the Strait of Hormuz and globally, to support economic recovery, safeguard jobs and livelihoods, enhance energy and food security (including by improving port infrastructure and trade facilitation), and to bolster overall resilience against future shocks.
“We will maintain collaboration with one another and our member countries to closely observe developments in energy, trade, and the economy. We are committed to strengthening our capacity to respond if necessary and will adapt our support to countries as circumstances change. This includes assisting them in building stronger resilience in energy, food, trade, and economic sectors.”
