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

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:

“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.”

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 Fund
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.

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, https://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 www.wto.org.