U.S. Secretary of the Treasury Scott Bessent published remarks for the World Bank Development Committee and the International Monetary and Financial Committee setting out U.S. priorities for the International Monetary Fund (IMF) and the World Bank, calling for a tighter focus on core mandates, stronger accountability for results and more disciplined use of resources. For the IMF, the statement presses for more objective and evenhanded surveillance centred on macroeconomic and financial stability, including clearer identification of internal and external imbalances and analysis of spillovers from industrial policies in large economies such as China, with the upcoming Comprehensive Surveillance Review expected to reflect these objectives. It also calls for IMF lending to be more firmly anchored in resolving balance of payments problems and restoring market access, with stronger programme adjustment, conditionality kept within the IMF’s expertise (citing concerns about drift under the Resilience and Sustainability Trust), and loan sizing and phasing aligned to reforms through frontloaded measures and backloaded financing; greater emphasis is also placed on burden sharing in debt cases, governance and anti-corruption safeguards. For the World Bank, the remarks urge prioritisation of affordable and reliable energy and growth, including financing for gas, oil, coal and nuclear, removal of the 45% climate co-benefits financing target, stronger implementation of graduation policy including ending support for China, and further procurement reforms including broader use of quality-based approaches and restrictions on non-commercial state-owned enterprises participating in Bank-financed procurement; they also welcome development of a critical minerals strategy focused on diversified, resilient supply chains. On governance and resources, the statement reiterates U.S. support for securing Congressional approval for the 16th General Review of Quotas while arguing that any future quota and governance discussions should be underpinned by a new quota formula, and it calls for the World Bank’s 2025 Shareholding Review work on realignments to conclude given a lack of consensus. It also seeks tighter budget oversight and restraint at both institutions, citing combined Executive Board budgets in excess of USD 200 million per year, and calls for flat growth in administrative budgets next year and beyond alongside salary freezes for Board members, the World Bank President, the IMF Managing Director and senior management.
U.S. Department of the Treasury 2025-10-15
U.S. Department of the Treasury sets expectations for IMF surveillance and conditionality refocus and World Bank all-of-the-above energy financing
U.S. Treasury Secretary Scott Bessent outlined priorities for the IMF and World Bank, emphasizing core mandates, accountability, and disciplined resource use. He calls for objective IMF surveillance on macroeconomic stability and governance safeguards, urging the World Bank to prioritize energy growth, reform procurement, and end support for China. The statement stresses tighter budget oversight, including flat growth in administrative budgets and salary freezes for senior management.