US EditionUS Treasury's Bessent urges IMF, World Bank to refocus on core missions
- US Treasury Secretary Scott Bessent criticized the operations of the International Monetary Fund and World Bank on Wednesday in Washington.
- His remarks occurred amid growing friction between Washington and Beijing and echoed the Trump administration's push to reform international institutions.
- Bessent argued the institutions suffered mission creep, devoting resources to climate change and social issues rather than core mandates.
- Bessent stated "America first does not mean America alone" and called on allies to join efforts for key reforms.
- His vision seeks to leverage US leadership and influence at these institutions, suggesting an opportunity for a big deal regarding trade rebalancing with China.
166 Articles
166 Articles
US Plans at Restructuring May Include World Bank, IMF & UN Agencies
The US State Department, in a wide-ranging political re-structuring of its policies, will eliminate 132 domestic offices, lay-off about 700 federal workers and reduce diplomatic missions overseas. The proposed changes will also include terminating some of the funding for the United Nations and its agencies, budgetary cuts to the 32-member military alliance, the North Atlantic …
Sorry, Mr. Secretary—That’s Not an Audit
Debunking the Treasury’s Latest Claim About America’s Gold With gold soaring past $3,300, it feels like the perfect moment to revisit a topic many of us haven’t forgotten: the gold at Fort Knox—and whether it’s actually still there. And as it happens, something caught my eye that makes this question even more timely. Treasury Secretary Scott Bessent recently gave an interview with Bloomberg, where he confidently stated that there’s a report conf…
Georgieva will discuss with the Trump administration the reforms that the US demands for the IMF
The United States is the first shareholder of the International Monetary Fund (IMF). On Wednesday, its Treasury Secretary, Scott Bessent, attacked the agency’s work and considered it over-concerned with social, climatic and gender issues and asked it to focus on its financial stability mission. On Thursday, the managing director of the IMF, picked up the glove. Kristalina Georgieva is open to incorporating the concerns expressed by the Donald Tr…
Mission creep has infected the IMF and the World Bank
The following is a transcript of a speech delivered yesterday by the Treasury Secretary Scott Bessent. In the final months of World War II, Western leaders convened the greatest economic minds of their generation. Their task? To build a new financial system. At a quiet resort high up in the mountains of New Hampshire, they laid the foundation for Pax Americana. The architects of Bretton Woods recognized that a global economy required global co…
US calls for sweeping reforms to IMF and World Bank - Hawaii Tribune-Herald
WASHINGTON — Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said the United States remained committed to maintaining its leadership role at the global economic institutions.
The Times of Northwest Indiana
Bessent tries to reassure investors amid turmoil
WASHINGTON — Treasury Secretary Scott Bessent leveled harsh criticism at the operations of the World Bank and the International Monetary Fund on Wednesday even as he tried to reassure nervous investors that the United States would maintain its global leadership…
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