U.S. Advocates for Major Reforms at the I.M.F. and World Bank

Scott Bessent calls for transformation of multilateral institutions during critical meetings in Washington.

Treasury Secretary Scott Bessent addressed the urgent need for significant reforms at the International Monetary Fund (I.M.F.) and the World Bank during his remarks at the beginning of the spring meetings held in Washington on Wednesday. His statements came amidst a backdrop of concerns that the Trump administration might be considering a potential U.S. withdrawal from these pivotal economic institutions.

Bessent reaffirmed America's dedication to leadership within the I.M.F. and World Bank while highlighting that recent actions by the Trump administration have raised alarms about its commitment to global cooperation in light of differing views on climate change and economic equity that often clash with other member nations.

These remarks followed a recent I.M.F. report that downgraded predictions for global growth, attributing the decline partially to the tariffs implemented under President Trump's administration. With the ongoing trade dispute between the U.S. and China—the two largest economies in the world—casting uncertainties over the global market, Bessent defended the administration’s trade policies, asserting the need for China to modify practices he deemed detrimental to international trade stability.

The Secretary pointed out that the U.S. is actively engaging in trade discussions with various nations, expressing hope that these negotiations will bring about a more balanced and equitable global trading environment. However, the timeline for any formalized discussions between President Trump and Chinese President Xi Jinping remains uncertain, with no meetings yet scheduled.