Backers of the World Bank and International Monetary Fund are called on to remain vigilant against monetary shocks like the low price of oil, the banks said.

The IMF and World Bank issued a joint statement following their annual spring conference in Washington. The meeting came as global economic dynamics are shifting in an era of lower oil prices, a key barometer of economic health.

Both institutions said the global economy this year is growing faster than in 2014, though rates of growth are uneven.

"We remain vigilant to the risks from potential financial market volatility, movements in exchange rates and oil and other commodity prices, and sluggish global trade," they said in a joint statement issued Saturday from Washington.

Both banks issued a call on supporting countries to ensure they have effective policies in place to protect against "adverse shocks" like lower oil prices.

Brent crude oil is up nearly 14 percent since the start of April, but still trading at about half of the recent peak reached in June 2014.

Olivier Blanchard, a research director at the International Monetary Fund, said last week the decline in the price of oil has redistributed real income for oil exporters and importers alike, but described the dynamics in play as "unusually complex."

In January, Ayhan Kose, director of development prospects at the World Bank, said the low price for crude oil and the subsequent economic impacts should serve as a reminder of the risks of concentrating economic activity in one sector.