In a joint statement issued following a high-level meeting, the three institutions said the war is upending lives and livelihoods across the region and beyond, already causing one of the largest shocks to global energy markets in modern history.
They noted that sharp increases in oil, gas, and fertilizer prices, combined with transport bottlenecks, are expected to push food prices higher, exacerbating food insecurity risks globally.
The statement highlighted that the impact will fall disproportionately on low-income, import-dependent countries, where rising fuel and food costs could further strain already limited fiscal space and high debt levels, weakening governments’ ability to shield vulnerable populations.
The institutions said they will continue to closely monitor developments and coordinate efforts using all available tools to support countries affected by the crisis.
They added that, in line with their respective mandates and existing response mechanisms, support will focus on protecting lives and livelihoods while laying the groundwork for a resilient recovery that promotes stability, growth, and job creation.
The IMF is a global organization that supports economic stability and growth across its 191 member countries, while the WBG provides financing and expertise to reduce poverty and promote development. The WFP, the world’s largest humanitarian agency, delivers food assistance in emergencies and supports recovery efforts in crisis-affected regions.
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