IMF: The war in the Middle East will lead to higher food prices

The war in the Middle East is upending the lives and livelihoods of people in the region and beyond.

This was emphasized in a statement following a meeting on April 8 between the leaders of the International Monetary Fund (IMF), the World Bank Group (WBG), and the World Food Program (WFP).

The meeting discussed the effects of the Middle East conflict on the global economy and food security.

“This has already caused one of the largest shocks in global energy markets in modern history. The sharp rise in oil, gas, and fertilizer prices, combined with transport disruptions, will inevitably lead to higher food prices and food insecurity,” the statement said.

It was also noted that the greatest burden will fall on the world’s most vulnerable populations, particularly in low-income, import-dependent economies:

“Increases in fuel prices and potentially significant rises in food prices are especially concerning in countries where fiscal space is limited and debt burdens are already high, reducing governments’ ability to protect vulnerable families.”

The three institutions said they would provide support to promote stability and economic growth.

“KORÇA BOOM”