US Treasury’s Bessent calls on IMF, World Bank to refocus on core missions

WASHINGTON: US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Bessent, in remarks outlining his vision for U.S. engagement with the IMF and World Bank on the sidelines of the institutions’ spring meetings, said that they serve critical roles in the international financial system.

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“And the Trump administration is eager to work with them - so long as they can stay true to their missions,” Bessent said in prepared remarks to the Institute of International Finance.

“The IMF and World Bank have enduring value. But mission creep has knocked these institutions off course. We must enact key reforms to ensure the Bretton Woods institutions are serving their stakeholders - not the other way around,” he said, calling on U.S. allies to join the effort. “America First does not mean America alone.”