Twenty-seven countries have moved to activate emergency World Bank financing mechanismssince the US-Israeli war on Iran began in late February,Reutersreported Friday.

Three nations have already received approval for fast-tracked funding, while the other 24 are in the process of completing administrative procedures.

Kenya and Iraq have publicly confirmed they are seeking emergency World Bank assistance, with Nairobi facing surging domestic fuel prices and Baghdad grappling with severely diminished oil revenues due to disruptions in maritime exports.

The 27 nations are drawn from a pool of 101 countries with access to pre-arranged contingent financing, including 54 that are enrolled in the World Bank's Rapid Response Option, a mechanism thatallows sovereign borrowers to immediately redirect up to 10 percent of their undisbursed project balances.

World Bank President Ajay Banga has outlined a three-tier funding structure.Between $20 billion and $25 billion is available immediately through existing crisis instruments, rising to $60 billion within six monthsif the bank reorients parts of its broader portfolio, with longer-term structural changes capable of pushing the total to around $100 billion.

Activity at the International Monetary Fund (IMF), by contrast, has been minimal.

Despite Managing Director Kristalina Georgieva anticipating that up to a dozen nations would seek between $20 billion and $50 billion in emergency assistance, sources toldReutersthat very few formal requests have been filed, with countries in a "wait-and-see mode.”

The IMFpreviously warnedthat the US-Israeli war on Iran has significantly worsened the global economic outlook by disrupting energy markets, raising inflation, and weakening growth prospects worldwide.

It said the war had reduced expected global growth from 3.4 percent to 3.1 percent, significantly worsened inflation, and posed major risks of further deterioration in energy supply routes.

From world markets still feeling the sting of the Iran war, to a host of central banks bracing for their next moves, these are the stories to watch in business and finance in the coming weekhttps://t.co/xIhHy1MlEIpic.twitter.com/oqpUcNcUx9

Source: ZeroHedge News