By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
MANILA, Philippines — Seven multilateral development banks (MDB), including the World Bank (WB) and Asian Development Bank (ADB), on Monday pledged support for countries grappling with the economic fallout of the Middle East conflict, which has triggered a historic oil shock and stoked global inflation.
In a joint statement, the banks said they were responding to requests for support from countries and clients to help address the “heterogeneous and compound impacts” from the war, including disruptions to energy and fertilizer markets and trade routes.
The ripple effects have fueled inflation and strained food security, employment, fiscal positions, external balances, and financing conditions, they said.
READ: Middle East war: global economic fallout
