IEA, IMF and World Bank to coordinate response to Middle East war's impact

The heads of the International Energy ​Agency, International Monetary Fund, and World Bank on Wednesday said they will form a coordination group ‌to maximize their response to the significant economic and energy impacts of the war in the Middle East, Report informs via Reuters.

In a joint statement, the three global bodies noted that the war had caused major disruptions in the region and triggered ​one of the largest supply shortages in global energy market history.

"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 impacts across countries, coordinate ​a response mechanism, and mobilize stakeholders to deliver support to countries in need, the international bodies said.

The response mechanism could include targeted policy advice, assessment of potential financing needs and related provision of financial support, including through low ​or zero-percent financing, as well as unspecified risk mitigation tools, they said.