The U.S. Department of the Treasury released prepared remarks by Secretary Bessent for the IMF and World Bank Spring Meetings calling on both institutions to step back from expansive policy agendas and return to their core missions, with a stronger emphasis on policy discipline, program effectiveness, and internal efficiency. For the International Monetary Fund, the statement pressed for a renewed focus on macroeconomic and financial stability, including exchange rate, fiscal, monetary, and financial sector issues. It called for more robust analysis and greater pressure on members to maintain fair and transparent currency practices, and for frank, evenhanded assessments of policies that suppress domestic demand and generate negative spillovers, citing excess capacity in systemic economies such as China. On lending, it urged a shift from “quantity” to program quality and implementation, including holding countries accountable to performance and enabling IMF staff to walk away where reform commitment is lacking, alongside stronger application of debt sustainability and transparency policies and more proactive engagement with bilateral creditors in restructurings. For the World Bank, the remarks advocated a return to poverty reduction and economic growth through private sector-led, job-rich development and greater use of existing resources to mobilize private investment. Specific priorities included applying the graduation policy to refocus resources on poorer countries, tightening the International Development Association’s focus on maximizing donor resources, concentrating on infrastructure, health, education, agriculture and governance, and strengthening procurement toward value-for-money. On energy, it argued for an all-of-the-above approach focused on access and security, welcomed the World Bank and African Development Bank initiative to expand energy access to 300 million more people in Africa, opposed “arbitrary” climate finance targets, and endorsed recent moves to remove prohibitions on support for nuclear energy. The statement also expected stronger budget and salary discipline at both institutions, alongside investment in risk management, oversight, and controls.
U.S. Department of the Treasury 2025-04-23
U.S. Department of the Treasury urges the IMF and World Bank to refocus on core mandates and tighten surveillance lending and resource discipline
The U.S. Department of the Treasury, via Secretary Bessent's remarks at the IMF and World Bank Spring Meetings, urged both institutions to refocus on their core missions, emphasizing policy discipline and internal efficiency. For the IMF, the call was for enhanced macroeconomic stability, fair currency practices, and a shift from lending quantity to program quality. For the World Bank, the focus was on poverty reduction, private sector-led growth, and efficient resource use, with specific attention to infrastructure, health, and energy access.