"IMF financial support will increase" - Georgieva: We expect requests of up to $50 billion as a result of the war
The head of the International Monetary Fund, Kristalina Georgieva, said that the global lender expects short-term demand for financial support from the IMF to increase to $20 billion to $50 billion as a result of the consequences of the war in the Middle East.
Georgieva said the war, which has now been halted, was testing the global economy, with a 13% reduction in the world's daily oil flow and a 20% drop in liquefied natural gas, causing a supply shock that had driven up energy prices while disrupting supply chains.
In prepared remarks ahead of next week's IMF and World Bank meetings, Georgieva said the war had prompted the Fund to lower its global growth forecast. US President Donald Trump announced a two-week ceasefire with Iran on Tuesday, but Israel's continued bombing of Lebanon threatens to derail talks to forge a lasting peace.
“Even in the best case, there will not be a clean return to the previous status quo,” Georgieva said. Qatar’s Ras Laffan complex, which produces 93% of the Gulf’s LNG, has been shut down since March 2 and could take three to five years to return to full capacity.
The IMF will publish a range of scenarios in its World Economic Outlook next week, moving from a relatively rapid normalization to a scenario that saw oil and gas prices remain much higher for a much longer time, Georgieva said.
Even the most hopeful scenario, she said, included a contraction of the economy due to damage to infrastructure, supply disruptions, loss of confidence and other damaging effects.
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