IEA, IMF,
World Bank and WTO Pledge Coordinated Action to Address Global Impact of Middle
East Conflict
The Heads of the International Energy Agency (IEA), International Monetary
Fund (IMF), World Bank Group (WBG), and World Trade Organization (WTO) met on July
7 as part of the high-level coordination group established in April to maximize
their institutions' response to the energy, trade, and economic impact of the war
in the Middle East. Following the meeting, they issued the statement below:
·
The
heads of the International
Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group (WBG),
and World Trade Organization (WTO) met on 7 July 2026 to coordinate their response to the economic, energy, and trade
impacts of the Middle East conflict.
·
The
meeting was part of a high-level
coordination group
established in April
2026.
·
The
institutions observed that the global economy has remained broadly resilient, although some countries have
experienced:
o
Slower
economic growth,
o
Higher
inflation,
o
Disruptions
to energy supplies,
o
Food
security challenges,
o
Commodity
price volatility.
·
The
impact of the conflict has been uneven across countries and regions, increasing concerns over global
growth and price stability.
·
The
organizations welcomed recent declines in fuel and fertilizer prices but cautioned that uncertainty
remains high.
·
They
called for:
o
A
peaceful resolution of the conflict,
o
Reopening
of the Strait of Hormuz,
o
Protection
of freedom
of navigation
and uninterrupted global trade.
·
Governments
and the international community were urged to:
o
Support
economic recovery,
o
Protect
jobs and livelihoods,
o
Strengthen
energy and food security,
o
Improve
port infrastructure and trade facilitation,
o
Enhance
resilience against future global shocks.
·
The
four institutions pledged to:
o
Continue
close coordination,
o
Monitor
global energy, trade, and economic developments,
o
Adapt
assistance to vulnerable countries as conditions evolve,
o
Support
long-term energy, food, trade, and economic resilience worldwide.
[ABS News Service/10.07.2026]
"We met to take stock of
energy, trade, and economic developments, to discuss the situation in vulnerable
countries, and to further coordinate our support to those in need.
"The global economy has
been broadly resilient to the shock from the war in the Middle East, even as some
economies have experienced a slowdown in growth and an uptick in inflation. Overall,
the impact has been highly uneven, affecting energy supplies, food security, various
commodities, and economic activity across many countries and regions and creating
deeper concerns about growth and price stability.
"We encourage further progress
toward a resolution to the conflict and the reopening of the Strait of Hormuz. Fuel
and fertilizer prices dropped since we last met in June. However, uncertainty remains
high, and the impacts of the war could linger. Energy markets and transit of goods
are still facing strains. Governments and the international community should remain
vigilant and continue to work together to uphold the principle of freedom of navigation
in the Strait and globally, support economic recovery, protect jobs and livelihoods,
strengthen energy and food security, including through improving port infrastructure
and trade facilitation, and increase broader resilience to future shocks.
"We will continue to work with
each other and with our members to closely monitor energy, trade, and economic developments.
We will strengthen our readiness to act further if needed and will continue adapting
our support to countries as the situation evolves. That includes helping them build
greater energy, food, trade, and economic resilience."
The International Energy Agency,
the global energy authority, was founded in 1974 to help its member countries coordinate
collective responses to major oil supply disruptions. Its mission has expanded and
evolved since, and rests today on three main pillars: working to ensure global energy
security; expanding energy cooperation and dialogue around the world; and supporting
a secure, affordable and sustainable energy future. For more information, visit
https://www.iea.org/.
The IMF is a global organization
that works to support economic growth and prosperity for all of its 191 member countries.
It does so by supporting economic policies that promote financial stability and
monetary cooperation, which are essential to increase productivity, job creation,
and economic well-being. The IMF is governed by and accountable to its member countries.
For more information, visit https://www.imf.org
The World Bank Group works to
create a world free of poverty on a livable planet through
a combination of financing, knowledge, and expertise. It consists of the World Bank,
including the International Bank for Reconstruction and Development (IBRD) and the
International Development Association (IDA); the International Finance Corporation
(IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International
Centre for Settlement of Investment Disputes (ICSID). For more information, please
visit www.worldbank.org, ida.worldbank.org/en/home, , www.ifc.org, https://www.miga.org/ and https://icsid.worldbank.org/
The World Trade Organization
is the international body responsible for governing global trade rules among its
166 members. It provides a forum for negotiating agreements, monitors trade policies,
and ensures transparency and predictability. The WTO also helps settle trade disputes
among its members and offers technical assistance to developing economies. Its objective
is to facilitate the smooth flow of trade and support economic growth, stability,
and job creation. For more information, visit www.wto.org