The International Monetary Fund (IMF) expects to have to provide up to $50 billion in immediate financial assistance to countries affected by the Middle East war, with the crisis likely to have lasting economic effects, AFP reports quoting the lender’s managing director.

“Given the spillovers of the Middle East war, we expect near-term demand for IMF balance-of-payments support to rise to somewhere between $20bn and $50nn, with the lower bound prevailing if the ceasefire holds,” Kristalina Georgieva has said, according to prepared remarks shared with AFP.

The IMF chief has also highlighted the ripple effects of the crisis, including food insecurity for at least 45 million people.