World Bank, WTO, Others Call for Strengthening of Food, Energy Security

The heads of major international institutions – the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group, and World Trade Organization (WTO) – have issued a joint call for enhanced global food and energy security. This appeal comes after a high-level coordination meeting established in April to address the economic, trade, and energy ramifications of the war in the Middle East.

“

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.

During their discussions, the leaders focused on the situation in vulnerable countries and ways to coordinate support for those most in need. They stressed the importance of bolstering economic recovery, safeguarding jobs and livelihoods, and strengthening resilience against future global shocks. Key to this effort, they noted, is improving port infrastructure and trade facilitation to ensure more robust energy and food supply chains.

“

We encourage further progress toward a resolution to the conflict and the reopening of the Strait of Hormuz.

"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," the joint statement read. While acknowledging that the overall impact has been uneven, affecting various sectors and regions, the institutions expressed deeper concerns about sustained growth and price stability. They encouraged progress toward resolving the conflict and ensuring the free passage of goods, particularly through the Strait of Hormuz.

“

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.

Despite a recent drop in fuel and fertilizer prices since their last meeting in June, the organizations warned that uncertainty remains high, and the war's effects could persist. Energy markets and trade routes continue to face strains. The statement urged governments and the international community to remain vigilant, collaborate on upholding freedom of navigation, support economic recovery, and adapt their assistance to countries as the situation evolves. They pledged to continue monitoring developments and strengthen their readiness to act further if necessary, focusing on building greater resilience across energy, food, trade, and economic sectors.

“

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.