JAKARTA - A total of 27 countries are reported to have started preparing emergency funding instruments to gain quick access to crisis funds from the World Bank after the outbreak of war between the United States, Israel, and Iran.
A Reuters report on Sunday, May 24, said the move was made following the increasing global economic impact since the conflict in the Middle East began heating up on February 28, 2026.
Internal World Bank documents seen by Reuters show three countries have approved new funding instruments since the war began. Meanwhile, dozens of other countries are still in the submission and finalization of access to funding.
The Iran war is considered to have started triggering a domino effect on the world economy, especially on the energy supply chain, fertilizer distribution, and the stability of global commodity prices.
A number of developing countries are now facing serious economic pressures due to the surge in energy prices and a decline in state revenues. This condition encourages the government to seek rapid financing support to maintain domestic economic stability.
Kenya and Iraq are the two countries that have confirmed that they are applying for quick funding assistance to the World Bank.
Kenya is said to be under pressure due to rising fuel prices, which directly affects transportation costs and people's basic needs. Meanwhile, Iraq is facing a decline in oil revenues amid uncertainty in the global energy market.
In the document, the World Bank noted that as many as 54 countries are now utilizing the rapid response option scheme. The scheme allows countries to access up to 10 percent of unfunded financing when a crisis situation occurs.
World Bank President Ajay Banga previously said his agency had prepared a crisis financing package that would allow countries to gain access to funds of around US$20 billion to US$25 billion through contingency financing schemes and rapid disbursements.
According to Ajay Banga, the support capacity can even be increased to reach US$60 billion in six months and potentially reach US$100 billion in the long term if the global situation continues to worsen.
On the other hand, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva previously estimated that around 12 countries would apply for short-term assistance with a total requirement of US$20 billion to US$50 billion.
However, until now, the number of official requests that have come in is said to be still limited because many countries choose to wait for the development of the conflict and the subsequent global economic impact.
The Iran war itself has begun to trigger new concerns about global economic stability, especially if the prolonged conflict causes disruptions in oil distribution, global inflation increases, and pressure on developing countries that rely on energy and food imports.
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