The U.S. Department of the Treasury published prepared remarks by Treasury Secretary Scott Bessent to the Institute of International Finance, setting out the Trump Administration’s approach to “restore balance” to the international economic system. The remarks link U.S. efforts to rebalance global trade, including through tariffs and negotiations, with a plan to use U.S. leadership at the International Monetary Fund (IMF) and the World Bank to push the institutions back toward their founding missions. On trade, Bessent argued that persistent U.S. deficits reflect an “unfair trading system” and said more than 100 countries had approached the United States following President Trump’s tariff announcements to discuss rebalancing. For the IMF, the speech called for an end to “mission creep” into areas such as climate change, gender, and social issues, and urged the Fund to focus on external imbalances, exchange rate practices, and financial stability, including by calling out “surplus countries” and “opaque currency practices,” with China cited as a key example. It also argued the IMF should more proactively address unsustainable lending practices by certain official bilateral creditors and refocus its lending on temporary balance-of-payments support with stronger borrower accountability. For the World Bank, Bessent urged a sharper focus on growth, poverty reduction, private investment, and energy access, welcomed the Bank’s stated intention to seek removal of prohibitions on support for nuclear energy, and argued for technology-neutral, affordability-driven energy financing that can include gas and other fossil fuel-based generation. The remarks also called for firm timelines under the Bank’s graduation policy, criticised continued lending to countries that meet graduation criteria including China, urged “best value” procurement standards, and stated that parties that financed or supplied the Russian war machine should not be eligible for funds earmarked for Ukraine’s reconstruction.
U.S. Department of the Treasury 2025-04-23
U.S. Department of the Treasury sets out agenda to rebalance trade and refocus the IMF and World Bank on core mandates
Treasury Secretary Scott Bessent detailed the Trump Administration's plan to "restore balance" to the international economic system, emphasizing U.S. leadership at the IMF and World Bank. He criticized the IMF's "mission creep," urged focus on external imbalances and financial stability, and advocated for the World Bank to prioritize growth, poverty reduction, and energy access. Bessent also addressed trade imbalances, calling for discussions with over 100 countries following tariff announcements, and criticized continued World Bank lending to countries meeting graduation criteria, including China.