Food security is under growing threat as the war in the Middle East disrupts global supply chains, the heads of the International Energy Agency, the International Monetary Fund and the World Bank Group warned on Monday.
The three institutions met as part of a coordination group established in early April to strengthen their response to the energy and economic fallout of the conflict, saying the impact remains “substantial, global, and highly asymmetric,” with energy importers, particularly low-income countries, bearing the brunt.
The war has driven up prices of oil, gas and fertilisers, intensifying concerns about food security and job losses, while also eroding export revenues for some oil and gas producers in the Middle East.
“The situation remains very uncertain, and shipping through the Strait of Hormuz is yet to normalise,” the institutions said in a statement, noting that even if regular shipping flows resume, it would take time for global supplies of key commodities to return to pre-conflict levels.
