Hi, this is Margaret Brennan, moderator of Face the Nation and Chief Foreign Affairs correspondent at CBS News.

Last week, I spoke with International Monetary Fund Managing Director Kristalina Georgieva.

This was her first U.S. network TV interview since the outbreak of the war in Iran.

Here's our conversation.

Thank you so much for making time for us.

We're in an incredible moment right now.

How do you calculate the economic shock from this mid-East war?

We look at the size of the impact and the duration of impact.

And what I can tell you is that this shock is large, 13% of oil, 20% of gas that would have

flown in the world is now stuck for five weeks and counting.

It is global.

Everybody uses energy.

Everybody feels the pinch of prices going up.

And it is asymmetric.

It affects different countries differently.

If you are in the vicinities of the conflict, it's a big hit on you.

If you are an oil importer, it is a big hit on you.

If you have no reserves to protect yourself, you're in a very tough situation.

We are running scenarios depending on the duration of the war.

Now we have hopes for peace that would improve the conditions for everybody.

But we are also looking at impact on infrastructure.

A lot has been damaged and it would take time to bring back to full operation.

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