WASHINGTON – Economic officials from eleven nations spearheaded by Britain are pressing the United States, Israel and Iran to completely honor their ceasefire agreement, warning that the ongoing conflict threatens worldwide economic stability even if resolved quickly.
The collaborative declaration, endorsed by financial leaders from Britain, Australia, Japan, Sweden, the Netherlands, Finland, Spain, Norway, Ireland, Poland and New Zealand, was released Wednesday following the International Monetary Fund’s decision to lower global growth predictions due to the warfare.
The document urged “all parties” to completely execute the ceasefire reached earlier this month while noting the conflict has resulted in devastating casualties.
“Renewed hostilities, a widening of the conflict or continued disruption in the Strait of Hormuz would pose serious additional risks to global energy security, supply chains, and economic and financial stability,” the statement declared.
“Even with a durable resolution of the conflict, impacts on growth, inflation and markets will persist,” the document continued, released by Britain’s administration during the spring International Monetary Fund and World Bank gatherings in Washington.
Recognizing the massive government debt accumulated during the COVID-19 crisis and following Russia’s comprehensive Ukraine invasion, the officials pledged fiscal responsibility with any new assistance programs, ensuring aid reaches those most in need.
“We commit to avoiding, and call on all countries to avoid, protectionist actions, including unjustified export controls, stockpiling and other trade barriers in hydrocarbon and other supply chains affected by the crisis,” they stated.
British Chancellor Rachel Reeves, who recently denounced America’s Iran war strategy as misguided, continued her appeals for conflict resolution, as London has refused to support the military action.
“A sustained ceasefire and avoiding knee-jerk responses is key to limiting costs for households,” Reeves declared in her separate Wednesday statement.
Former President Trump on Tuesday escalated his criticism of Britain’s administration for declining to participate in the Iran conflict, warning that the nations’ trade agreement “can always be changed.”
British Prime Minister Keir Starmer responded Wednesday that he would resist Trump’s pressure to enter the war.
During a CNBC-sponsored event in Washington, Reeves indicated that disagreements over the conflict would not damage the enduring British-American alliance.
“Friends are allowed to disagree on things,” Reeves commented.
