International bodies agree to form a coordination team to confront the repercussions of the Middle East war

The heads of the International Energy Agency, the International Monetary Fund, and the World Bank agreed to form a coordination team to enhance the response to the repercussions of the ongoing conflict in the Middle East on the energy and economic sectors.

International bodies stated in a joint statement on Wednesday that the war caused major unrest in the region, in addition to one of the largest supply shortages in the history of the global energy market.

The heads of the International Monetary Fund, the International Energy Agency, and the World Bank said, “In light of this state of extreme uncertainty, it is important to unite the efforts of our institutions to follow developments, unify analyzes and coordinate support for policymakers to overcome this crisis.”

International bodies stated that the new coordination team will assess the seriousness of the repercussions in various countries, coordinate the response mechanism, and mobilize concerned parties to provide support to countries in need.
The bodies explained that the response mechanism may include providing specific policy advice, assessing potential financing needs, and providing relevant financial support, including low- or no-interest financing, in addition to unspecified risk mitigation tools.