U.S. Treasury Secretary Advocates Critical Minerals Shift and IMF Quota Revamp

U.S. Treasury Secretary Scott Bessent has underscored the necessity of revitalizing the IMF's quota resources and urged the World Bank to expedite support for critical minerals projects, moving from a climate-focus to sustainable poverty alleviation. Bessent highlights the dominance of China in minerals supply and advocates for enhanced resource diversification.

On Wednesday, U.S. Treasury Secretary Scott Bessent reiterated his endorsement of revamping the International Monetary Fund's (IMF) quota resources. In his statement to the IMF's steering committee, Bessent also called upon the World Bank to swiftly back projects aimed at developing critical minerals, diversifying resources away from China.

Bessent welcomed the nearing expiration of the World Bank's Climate Change Action Plan in July 2026, anticipating a shift from a climate-centric approach to one prioritizing high-quality, sustainable projects that effectively tackle poverty. Representing the U.S. as a major shareholder in both institutions, Bessent stressed the importance of critical minerals for economic growth and technological leadership.

The Treasury Secretary emphasized the need for the World Bank to move with speed to back relevant policies and infrastructure projects to optimize supply chains and enhance domestic value capture. Highlighting China's control over 90% of rare earths, Bessent insisted on the urgency of this transition for U.S. economic security.