By Okeoghene Akubuike
The Heads of the International Energy Agency, IMF, World Bank Group and WTO have called for sustained global cooperation to address the economic, energy and trade impacts of the Middle East war.
The institutions made the call in a joint statement issued on Wednesday after a meeting of their high-level coordination group held on July 7.
The source reports that the group, established in April, is aimed at strengthening coordination in responding to the energy, trade and economic impact of the war in the Middle East.
“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.”
The organisations expressed concern over the implications for global growth and price stability, and called for renewed efforts towards resolving the conflict and reopening the Strait of Hormuz.
They observed that fuel and fertiliser prices had declined since their previous meeting in June but cautioned that uncertainty remained high and the impacts of the war could linger.
“ Energy markets and transit of goods are still facing strains.”
The institutions urged governments and the international community to remain vigilant and work collectively to safeguard freedom of navigation in the Strait of Hormuz and other critical maritime routes.
They also called for measures to support economic recovery, protect jobs and livelihoods, strengthen energy and food security, improve port infrastructure, facilitate trade and build resilience against future shocks.
They reaffirmed their commitments to continued collaboration and close monitoring of global 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.
“This includes helping them build greater energy, food, trade, and economic resilience.”
