As the Annual Meetings of the World Bank and International Monetary Fund (IMF) take place, U.S. Secretary of the Treasury Scott Bessent outlined America’s priorities for international financial institutions in a statement addressed to both organizations’ development committees.

Bessent emphasized that global economic challenges require close cooperation with effective and accountable international financial institutions. He called on the IMF and World Bank to return to their core missions, noting some progress since the Spring Meetings, such as organizational changes at the IMF and adjustments in energy financing policies at the World Bank.

“The International Monetary Fund (IMF) and the World Bank can support America’s efforts to secure a more balanced, prosperous, and stable global economy through a return to their core missions and disciplined deployment of their resources.  We have seen some progress towards these goals since the Spring Meetings.  The IMF is folding its climate and gender units into one that is focused on macro-financial and structural policies, and management has eliminated extraneous, non-core issues from its Board Work Program.  The World Bank has moved in the direction of an all-of-the-above approach to energy by removing its prohibition on the financing of nuclear power generation. And, the Bank has increased the weight given to quality in procurement decision making and boosted outreach to industry, both of which stand to improve the efficiency and effectiveness of its financing.  Nonetheless, the IMF and World Bank must take more concerted steps to focus on their respective core missions and deliver greater impact to the countries they support and greater value to taxpayers from the United States and other shareholders,” Bessent said.

He highlighted domestic policy actions under President Trump’s administration—such as tax cuts, regulatory changes, new energy policies, and legislation passed in July—as key drivers behind recent U.S. economic growth.

“Here in the United States, we have been implementing President Trump’s America First economic agenda of tax cuts, energy abundance, and regulatory modernization.  They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing: tax cuts raise real incomes for families and businesses; an affordable, reliable, and secure energy supply drives down the cost of doing business; and regulatory modernization complements both by making it easier to invest in and grow new businesses.  This includes passing landmark tax legislation in July to unleash the full potential of the U.S. economy, to protect American workers and families, and to save taxpayer dollars by cutting waste, fraud, and abuse.  Thanks to actions taken by the Trump Administration, businesses are investing in America again.  A revitalized private sector will propel economic growth and maintain America’s position as the most dynamic economy in world,” he stated.

Bessent noted that despite encouragement for other countries to adopt similar growth-oriented reforms globally—including reducing overregulation—the outlook remains weak due largely to regional conflicts or governance issues.

“At a global level, we have been encouraging others to follow our lead... However, the growth outlook remains weak... Many countries continue... barriers... such as overregulation... This is where work of IMF & World Bank is critical,” he said.

On surveillance activities at IMF—monitoring economies for risks—Bessent called for renewed objectivity focused strictly on macroeconomic stability rather than broader social issues like climate or gender policy: “We expect IMF...to strengthen its surveillance activities...focused on macroeconomic & financial stability rather than other areas beyond expertise like climate & gender.”

He also raised concerns about repeated borrowing from IMF programs without meaningful reforms among member states: “Some have come rely [on] it as routine source external financing while continue maintain misaligned policy frameworks...number repeat borrowers suggests programs often fail work intended...” He urged stricter conditionality linked directly with necessary reforms.

For debt distress situations where countries struggle with repayments or liquidity crises—especially when certain creditor nations do not share burdens equitably—he stressed that “IMF resources must not be considered as a piggy bank” for creditor nations unwilling take losses themselves.

Bessent advocated stronger anti-corruption safeguards within lending programs: “Corruption & criminal activity continue stymie some IMF reform efforts...Strong commitments governance anti-corruption effective safeguards must underpin lending programs.”

Turning attention toward development priorities at World Bank Group institutions—including IDA (International Development Association)—he argued for sharper focus on investments supporting self-reliance among poorer nations rather than continued reliance on multilateral assistance: “Country self-reliance—and graduation from continual need MDB support—should be objective...achieving self-reliance most definitive sign Bank’s success.”

He called specifically for ending support for China through these mechanisms so resources could be redirected toward lower-income recipients needing them most urgently.

In terms of energy policy funding at multilateral banks like World Bank Group entities including IBRD/IFC/IDA/Bretton Woods bodies generally—Bessent recommended removing targets tying projects exclusively toward climate benefits if those skew away from country needs around affordable reliable energy access across sources such as gas/oil/coal/nuclear power generation capacity expansion projects.

“Energy abundance sparks economic abundance...” he noted while welcoming removal restrictions previously blocking nuclear finance but urging further staff training/industry engagement/client technical assistance along these lines going forward.

Regarding procurement practices funded via bank projects globally—including risk management/supplier diversification/data transparency/outreach strategies/BOD oversight accountability structures—he pressed for further reforms especially limiting participation by state-owned enterprises lacking commercial orientation so competitive outcomes could be better ensured long-term worldwide benefit delivery impact metrics maintained accordingly per best practice standards internationally recognized today among major donors/shareholders alike within governance frameworks established post-World War II Bretton Woods conference origins eight decades ago now commemorated this year during annual meetings cycle events calendar period underway presently here October mid-month timeframe fiscal year-end reporting context relevant stakeholder community interests aligned moving ahead together constructively overall future prosperity security aims mutually shared cross-border partnerships involved 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