Global Economies at Stake: Ministers Urge Ceasefire Implementation

Finance ministers from nearly a dozen countries urged the U.S., Israel, and Iran to uphold a ceasefire, warning that the conflict threatens global economic stability. The call followed an IMF report that lowered economic growth forecasts. Ministers stressed fiscal responsibility and opposed protectionism in response to the crisis.

Finance ministers from almost a dozen countries, led by Britain, have urged the United States, Israel, and Iran to implement their ceasefire plan fully. They warned that the ongoing conflict would continue to affect the global economy, even if resolved soon. The ministers' joint statement aligns with the recent International Monetary Fund's downward revision of global economic growth forecasts.

The statement emphasized that renewed hostilities or disruptions, particularly in the Strait of Hormuz, could endanger global energy security and economic stability. It was released during the IMF and World Bank Spring Meetings in Washington and highlighted the ongoing economic impacts of the conflict on growth, inflation, and financial markets.

The ministers, considering the pandemic-induced public debt, committed to fiscal responsibility and targeted support primarily for those most in need. They also advocated against protectionist measures, such as export controls and stockpiling, which could further impact hydrocarbon and other supply chains. British finance minister Rachel Reeves reiterated the UK's call for an end to the conflict, despite criticism from the U.S. regarding Britain's stance.

(With inputs from agencies.)