Joint Statement by the Heads of the International Energy Agency, International Monetary Fund, World Bank Group, and World Trade Organization

Washington, DC: The Heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization met on May 28 as part of the high-level coordination group established in April to maximize their institutions' response to the energy, trade, and economic impacts of the war in the Middle East. Following the meeting, they issued the statement below:

"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 fertilizer prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertilizer prices are of particular concern as many countries enter the planting season.

"At the same time, global oil inventories are being drawn down at a record pace in response to the major loss of supply through the Strait of Hormuz. If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience.

"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.

"We highlighted the importance of closely monitoring fertilizer supply chains, energy and economic developments as well as policy responses. In this regard, we are tracking and analyzing 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."

About the International Energy Agency

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.

About the International Monetary FundThe 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.

About the World Bank Group

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.miga.org, www.ifc.org, and www.icsid.worldbank.org.

About the World Trade Organization (WTO)

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 https://www.wto.org.

Media Contacts:

IEA: [email protected]
IMF: [email protected]
World Bank Group: [email protected]

WTO: [email protected]