Mariam Abeeb
The IMF, World Bank Group and the World Food Programme(WFP) have pledged coordinated support to countries impacted by the Middle East crisis, targeting economic stability and food security.
This s is contained in a joint statement issued on Thursday in Abuja.
According to the statement, the heads of the institutions met to discuss the global economic and food security impacts of the war in the Middle East.
The institutions said the Middle East war was upending lives and livelihoods in the region and beyond.
They said the war had already triggered one of the largest disruptions to global energy markets in modern history.
“Sharp increases in oil, gas, and fertiliser prices, together with transport bottlenecks, will inevitably lead to rising food prices and food insecurity.
“The burden will fall most heavily on the world’s most vulnerable populations, particularly in low‑income, import‑dependent economies.”
They said spikes in fuel prices and potential sharp increases in food prices were especially concerning where fiscal space was constrained and debt burdens were already high.
This, they said had led to a reduction in governments’ ability to protect vulnerable households.
“Our institutions will continue to monitor developments closely and coordinate the use of all available tools to support those impacted by the crisis.
“In accordance with our respective mandates, and building on existing response mechanisms, we will provide support to safeguard lives and livelihoods.
“We will also lay the foundations for a resilient recovery that delivers stability, growth and jobs.”
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