An internal, confidential World Bank document reveals that since the recent outbreak of the war in Iran, 27 countries have moved to implement “crisis instruments” to secure rapid financial assistance from the bank’s existing programs.
Thee leaked document indicates that the sharp volatility triggered by the war in global oil and energy markets, coupled with supply chain and logistics disruptions and a critical shortage of fertilizer threatening food security in developing countries, has left numerous governments highly vulnerable and in need of urgent economic relief.
While the World Bank has declined to issue an official comment, the document notes that three of the 27 countries have successfully approved new emergency financing instruments since the conflict began on February 28, 2026, while the remaining nations are still finalizing the process. Officials from Kenya, an East African economic hub, and Iraq, a major oil producer, have confirmed that they are seeking rapid financial assistance to cope with the fallout of the war.
Kenya is currently seeking this support as surging fuel prices driven by the war continue to destabilize the country’s macroeconomy and exacerbate the cost of living. On the other hand, Iraq—despite being an oil producer—has seen its oil export revenues drop significantly due to escalating conflict and maritime transport disruptions. Consequently, Iraq has been forced to tap into the World Bank’s fast-disbursing funds to cover its mounting budget deficit.
The World Bank’s “crisis toolkit” includes a “Rapid Response Option,” which allows countries to immediately reallocate and access up to 10% of their undisbursed project financing for emergency response. World Bank President Ajay Banga stated last month that this mechanism could quickly deploy an estimated $20 billion to $25 billion. Furthermore, he indicated that by shifting project balances and reorienting parts of its existing portfolio, the bank could scale up total assistance to $60 billion within six months, with the potential to reach around $100 billion over the longer term.
Around the same time, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated she anticipated up to a dozen countries would seek between $20 billion and $50 billion in near-term assistance from the global lender. However, inside sources reveal that very few requests have actually been logged with the IMF, as many nations are actively choosing to approach the World Bank instead.
Kevin Gallagher, director of the Global Development Policy Center at Boston University, explained that countries are far more willing to seek World Bank funds because IMF programs typically mandate strict economic austerity measures and public spending cuts. Such measures risk compounding social unrest and public protests, as recently witnessed in Kenya and other developing nations. As a result, governments prefer the World Bank’s flexible, project-oriented crisis financing. For the time being, many vulnerable nations are maintaining a “wait-and-see” approach as they monitor the direction of the war and potential peace talks, though those facing the most acute economic pressures are rapidly expediting their applications for the emergency funds.
