Washington, Apr 23 (EFE) – Treasury Secretary Scott Bessent said Wednesday that the United States would seek a significant overhaul of the International Monetary Fund and the World Bank.
“The IMF and World Bank serve critical roles in the international system,” Bessent said, adding that “President Donald Trump istration is eager to work with them — so long as they can stay true to their missions.”
However, he insisted that the US has no intention of withdrawing from either organization, noting that Trump’s istration slogan, “America First, does not mean America alone.”
Instead, he said, the US wants to maintain its leadership role, offering suggestions for changing the organizations’ approach to global trade.
Bessent said that the IMF “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.”
The finance minister said it should instead focus on lending and addressing balance of payments problems, noting that “its lending should be temporary.”
Bessent said the World Bank has also “strayed from its mission” and should instead focus on increasing energy access worldwide, praising the bank’s recent decision to lift its longstanding ban on ing nuclear power.
Additionally, the Treasury secretary spoke about the Trump istration tariff announcements and insisted, as other officials have, that “more than 100 countries have approached us wanting to help rebalance global trade.”
Bessent took the opportunity to slam China’s economy. The Asian giant has been “exporting its way out of economic troubles.”
Adding that its economic growth is “driven by manufacturing exports,” which “will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue.”
The Treasury Secretary concluded his remarks by saying that “a more sustainable international economic system will be one that better serves the interests of the United States and all other participants in the system.” EFE
mcd/seo
