U.S. Treasury Secretary Scott Bessent on Wednesday called for sweeping reforms at the International Monetary Fund and World Bank, accusing the institutions of drifting into “vanity projects” such as climate change and gender issues that dilute their core missions. Speaking at the Institute of International Finance during the IMF-World Bank Spring Meetings, Bessent urged a return to priorities like macroeconomic stability and development.
“The IMF and World Bank have enduring value,” he said, “but mission creep has knocked these institutions off course.” Bessent emphasized a tougher stance on China’s “distortive policies” and opaque lending, and said the IMF must resume its role in calling out such practices.
.@SecScottBessent: "I wish to be clear: America first does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners." pic.twitter.com/Nes9sPK993
— Rapid Response 47 (@RapidResponse47) April 23, 2025
He also stressed the need for the World Bank to remain “tech neutral” and support fossil fuel investments to ensure energy affordability. “America First does not mean America alone,” Bessent said, inviting allies to join in rebalancing global trade.
