IEA, IMF, World Bank Chiefs to Meet on Global Energy Crisis
The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), and World Bank Group will meet on Monday to address the worsening global energy crisis triggered by the ongoing conflict in Iran.
IEA Executive Director, Fatih Birol, highlighted the urgent need for international cooperation, stating that “this energy crisis calls for all hands on deck.”
The three institutions – led by Birol, IMF Chief Kristalina Georgieva, and World Bank President Ajay Banga – recently agreed to form a coordination group to maximise their collective response to both the energy and economic impacts of the war.
In a joint statement, they warned that the Middle East conflict has caused “major disruptions to lives and livelihoods in the region” and triggered one of the largest global energy supply shortages in history.
The crisis has already driven up oil, gas, and fertiliser prices, while sparking concerns over food costs. Supply chains for helium, phosphate, aluminium, and other commodities are affected, as is tourism due to flight disruptions at key Gulf hubs.
The leaders cautioned that these developments are fuelling market volatility, weakening currencies in emerging economies, and raising inflation concerns, which may prompt tighter monetary policies and slower economic growth.
“At times of high uncertainty, it is paramount that our institutions join forces to monitor developments, align analysis, and coordinate support to policymakers,” the statement said. “This is particularly crucial for countries most exposed to downstream impacts from the war, and those with limited policy space and higher debt levels.”
