27 countries seek access to World Bank funds since Iran war
An analyst says nations prefer the World Bank over the International Monetary Fund for help, due to the IMF’s austerity measures
The World Bank document did not name the countries or the total amount of funds potentially being sought. The World Bank declined to comment.
The war and resulting disruption of global energy markets have hit global supply chains and prevented vital fertiliser shipments from reaching developing countries.
Officials in Kenya and Iraq have confirmed they are seeking rapid financial support from the World Bank to deal with the war’s fallout, such as surging fuel prices hitting the African nation and a massive drop in oil revenue for Iraq.
The 27 countries are among 101 that had access to some form of prearranged financing instrument that they could tap in a crisis, including 54 that signed up to the Rapid Response Option, which allows countries to use up to 10 per cent of their undisbursed financing.