U.S. Treasury Urges IMF and World Bank to Refocus

U.S. Treasury Secretary Scott Bessent urged the IMF and World Bank to return to their core missions of macroeconomic stability and development, criticizing their focus on climate change. He emphasized the need for reform and collaboration to ensure these institutions effectively serve their stakeholders.

U.S. Treasury Secretary Scott Bessent urged the International Monetary Fund and World Bank to reorient their focus towards macroeconomic stability and development, highlighting concerns over their involvement in projects like climate change. During remarks at the Institute of International Finance, Bessent asserted that these initiatives have detracted from their primary objectives.

Bessent, articulating the U.S. position at the organizations' spring meetings, stressed that both the IMF and World Bank play vital roles in the global financial system. However, he noted that 'mission creep' has caused these institutions to deviate from their intended path, necessitating essential reforms.

The Trump administration, according to Bessent, is ready to collaborate with these entities, conditional upon their adherence to core missions. Emphasizing the importance of allied cooperation, he stated, 'America First does not mean America alone.'

(With inputs from agencies.)