US Treasury Demands IMF, World Bank to Recommit to Original Mandates
(MENAFN) During a speech at the Institute of International Finance's Global Outlook Forum in Washington, D.C., US Treasury Secretary Scott Bessent encouraged both the International Monetary Fund (IMF) and the World Bank to redirect their attention toward their foundational objectives.
He also indicated a readiness to collaborate with these entities, provided they adhere to the core purposes for which they were initially established.
“These twin institutions were born after a period of intense geopolitical and economic volatility.
The purpose of the IMF and the World Bank was to better align national interests with international order, thereby bringing stability to an unstable world,” Bessent remarked, underscoring the historic context in which these organizations emerged.
He further pointed out that to reestablish order in the global system, both the IMF and the World Bank need to realign with their original intentions.
Bessent warned that by exceeding their designated scope, these bodies have strayed from their proper paths. He called for significant changes to ensure they effectively serve their global constituents.
Reaffirming the Trump administration’s dedication to upholding and enhancing the United States' leadership in the global economy, Bessent stated, “The IMF and World Bank serve critical roles in the international system.
And the Trump Administration is eager to work with them, so long as they can stay true to their missions.”
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