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Treasury Secretary Scott Bessent argued in a speech that the multilateral economic institutions have veered away from their missions.
- April 23, 2025, 10:00 a.m. ET
Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said that the United States remained committed to maintaining its leadership role at the global economic institutions.
The comments, made at a speech on the sidelines of the spring meetings of the I.M.F. and the World Bank, come at a moment of concern among policymakers that the Trump administration could withdraw the United States entirely from the fund and the bank.
The United States has upended the global trading system in recent months and the views of the Trump administration on climate change, international development and economic equity are often at odds with those of the other nations that are shareholders in the global institutions.
“The I.M.F. has suffered from mission creep,” Mr. Bessent said in remarks to the Institute of International Finance. “The I.M.F. was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender and social issues.”
Arguing that its focus has overshadowed its economic mission, Mr. Bessent added: “These issues are not the I.M.F.’s mission.”
The Treasury secretary also had tough criticism for the World Bank, which under the Biden administration increased its focus on combating climate change.
“The bank should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by halfhearted commitments to reform,” Mr. Bessent said. “As the bank returns to its core mission, it must use its resources as efficiently and effectively as possible. And it must do so in ways that demonstrate tangible value for all member countries.”
Mr. Bessent did applaud the bank’s plan, under the leadership of Ajay Banga, to consider ending its restrictions on lending for nuclear energy projects.
Mr. Banga has sought to emphasize the bank’s focus on job creation as key to economic development and to prioritize private sector involvement in projects around the world.
Last week, Mr. Banga said that he continued to hold talks with the Trump administration about the direction of the bank.
“We’re having a constructive dialogue with the U.S. administration,” Mr. Banga said. “I don’t know where it’ll end, but I’ve got no problem with the dialogue I’m having.”
“They’re asking the right questions, and we’re trying to give them the right answers” he added.
Alan Rappeport is an economic policy reporter for The Times, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters.
