Washington: The United States says the International Monetary Fund (IMF) and the World Bank should support its efforts to secure a more balanced, prosperous, and stable global economy. The U.S Secretary of the Treasury, Scott Bessent, made this statement on Thursday on the sidelines of the ongoing annual meetings of the IMF/World Bank group.
According to News Agency of Nigeria, Bessent conveyed his message to the World Bank Development Committee and IMF International Monetary and Financial Committee. He emphasized that both institutions could aid the U.S by returning to their core missions and employing their resources effectively. Bessent highlighted progress since the spring meetings, noting changes like the IMF consolidating its climate and gender units into a focus on macro-financial and structural policies and eliminating non-core issues from its board work program. The World Bank, he added, has adopted a more inclusive approach to energy by lifting its ban on financing nuclear power generation.
Bessent also mentioned that the World Bank has prioritized quality in procurement decisions and increased industry outreach, which are expected to enhance the efficiency and effectiveness of its financing. However, he urged the IMF and World Bank to concentrate more on their core missions to deliver greater impact to supported countries and value to taxpayers from the U.S and other shareholders.
He referenced the implementation of President Donald Trump’s America First economic agenda, which includes tax cuts, energy abundance, and regulatory modernization, as components driving economic growth and domestic manufacturing. Bessent encouraged other nations to adopt similar measures to boost economic growth, despite the global growth outlook remaining weak and unbalanced. He cited ongoing regional conflicts, governance challenges, and overregulation as barriers to economic prosperity.
Bessent stressed the importance of strengthening resilience and pursuing productivity-enhancing policies to help countries withstand shocks and improve global economic prospects, highlighting the critical role of the IMF and World Bank in this endeavor. He asserted that the IMF is uniquely capable of providing economic surveillance that identifies imbalances, facilitates balanced international trade growth, and discourages harmful policies. He urged the IMF to strengthen its surveillance activities with objectivity, focusing on macroeconomic and financial stability instead of areas beyond its expertise, such as climate and gender.