IMF, World Bank, WTO and IEA discuss impact of Iran war

IMF, World Bank, WTO and IEA discuss impact of Iran war The heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organisation met on Thursday to discuss their institutions’ response to the economic and energy impacts of the war in the Middle East, according to a joint statement released on Friday. The organisations warned that “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. ” Referring to disruptions linked to the Strait of Hormuz, the institutions said they also explored options to “further enhance collective support through multilateral and bilateral actions” to help address the crisis and mitigate its wider economic consequences.