World Bank mobilizes up to $100bn for Middle East fallout
The World Bank is stepping up with a plan to mobilize up to $100 billion over the next 15 months to help countries struggling with the fallout from the Middle East conflict.
This is a bigger effort than what we saw during COVID-19, offering quick access to around $20 billion to $25 billion in coming months and another $30 billion to $40 billion through repurposed programs in about six months.
IMF lowers global growth forecast
The ongoing war has pushed energy prices higher, prompting the IMF to lower its global growth forecast.
IMF Chief Kristalina Georgieva said things could improve if the conflict ends soon, but warned it could get worse if it drags on.
Both she and World Bank President Ajay Banga are urging targeted, short-term support instead of broad energy subsidies, hoping this approach will help countries manage costs without making inflation worse.