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World lenders see ‘extensive’ economic fallout from Ukraine war

March 19, 2022 People's Journal 305 views

AFP — The International Monetary Fund, World Bank and other top global lenders Friday warned of “extensive” economic fallout from the Ukraine war and expressed their horror at the “devastating human catastrophe”.

“The entire global economy will feel the effects of the crisis through slower growth, trade disruptions, and steeper inflation,” read a joint statement, warning that the conflict was curbing energy and food supplies and increasing poverty.

The other signatories comprised the Council of Europe Development Bank, the European Bank for Reconstruction and Development plus the European Investment Bank.

The statement was issued after bosses met Thursday to discuss the global impacts of the Ukraine war — and their individual and collective responses to the escalating crisis.

“We are horrified and deeply concerned about the Russian invasion of Ukraine and the ensuing crisis,” the lenders added.

Attacks on civilians and their infrastructure were “causing tremendous suffering, creating massive population displacements, threatening international peace and security, and endangering basic social and economic needs for people around the world.

“In addition to the devastating human catastrophe unfolding in Ukraine, the war is disrupting livelihoods throughout the region and beyond,” the statement said.