{"id":288583,"date":"2025-04-23T17:38:17","date_gmt":"2025-04-23T17:38:17","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/23\/scott-bessent-accuses-imf-and-world-bank-of-mission-creep\/"},"modified":"2025-04-23T17:38:17","modified_gmt":"2025-04-23T17:38:17","slug":"scott-bessent-accuses-imf-and-world-bank-of-mission-creep","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/23\/scott-bessent-accuses-imf-and-world-bank-of-mission-creep\/","title":{"rendered":"Scott Bessent Accuses IMF and World Bank of \u2018Mission Creep\u2019"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/static01.nyt.com\/images\/2025\/04\/23\/multimedia\/23dc-bessent-vpcj\/23dc-bessent-vpcj-facebookJumbo.jpg?ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Scott Bessent Accuses IMF and World Bank of \u2018Mission Creep\u2019\" title=\"Scott Bessent Accuses IMF and World Bank of \u2018Mission Creep\u2019\" \/><\/div><p> <br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said that the United States remained committed to maintaining its leadership role at the global economic institutions.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The comments, made at a speech on the sidelines of the spring meetings of the I.M.F. and the World Bank, come at a moment of concern among policymakers that the Trump administration could withdraw the United States entirely from the fund and the bank.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The United States has upended the global trading system in recent months and the views of the Trump administration on climate change, international development and economic equity are often at odds with those of the other nations that are shareholders in the global institutions.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The speech came a day after the I.M.F. downgraded its outlook for growth globally and in the United States as a result of President Trump\u2019s punishing tariffs. Trade tension between the United States and China, the world\u2019s largest economies, threaten to weigh on output this year and next.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">In his remarks, Mr. Bessent defended the Trump administration\u2019s trade actions and called for China to curb economic practices that he said were destabilizing international commerce. He noted that the United States was actively engaged in trade talks with dozens of countries and expressed optimism that these negotiations would help rebalance the world economy and make the global trading system more fair.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It remains unclear when, or if, the United States and China will begin to engage in talks. Mr. Trump has said he expects to speak with Xi Jinping, China\u2019s leader, but no formal conversations have been scheduled.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Speaking to reporters after his remarks, Mr. Bessent dismissed speculation that Mr. Trump was considering unilaterally lowering the tariffs that he has imposed on China before any negotiations with Mr. Xi. Mr. Bessent emphasized that any moves to de-escalate trade tensions would need to be mutual.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cI don\u2019t think either side believes that the current tariff levels are sustainable,\u201d he said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The Treasury Secretary added, \u201cThis is the equivalent of an embargo and a break between the two countries on trade does not suit anyone\u2019s interest.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Guo Jiakun, a spokesman for China\u2019s foreign ministry, said overnight that \u201cif the U.S. truly wants to resolve issues through dialogue and negotiation, it should stop threatening and coercing, and engage in dialogue with China on the basis of equality, respect and mutual benefit.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent made clear that despite the concerns of the United States, the Trump administration does not plan to walk away from the I.M.F. and the World Bank.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201c\u2018America First\u2019 does not mean America alone,\u201d Mr. Bessent said. \u201cTo the contrary, it is a call for deeper collaboration and mutual respect among trade partners.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cFar from stepping back, \u2018America First\u2019 seeks to expand U.S. leadership in international institutions like the I.M.F. and World Bank,\u201d he added.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But the Treasury secretary did not hold back in his criticism of the institutions that were created in 1944 to stabilize the world economy after World War II.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe I.M.F. has suffered from mission creep,\u201d Mr. Bessent said in remarks to the Institute of International Finance. \u201cThe I.M.F. 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.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Arguing that its focus has overshadowed its economic mission, Mr. Bessent added: \u201cThese issues are not the I.M.F.\u2019s mission.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The Treasury secretary also had tough criticism for the World Bank, which under the Biden administration increased its focus on combating climate change.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe bank should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by halfhearted commitments to reform,\u201d Mr. Bessent said. \u201cAs the bank returns to its core mission, it must use its resources as efficiently and effectively as possible. And it must do so in ways that demonstrate tangible value for all member countries.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent did applaud the bank\u2019s plan, under the leadership of Ajay Banga, to consider ending its restrictions on lending for nuclear energy projects. He said that the bank should be \u201ctech neutral\u201d and prioritize affordability in energy investment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIn most cases, this means investing in gas and other fossil fuel-based energy production,\u201d Mr. Bessent said. \u201cIn other cases, this may mean investing in renewable energy coupled with systems to help manage the intermittency of wind and solar.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Banga has sought to emphasize the bank\u2019s focus on job creation as key to economic development and to prioritize private sector involvement in projects around the world.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Last week, Mr. Banga said that he continued to have talks with the Trump administration about the direction of the bank.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe\u2019re having a constructive dialogue with the U.S. administration,\u201d Mr. Banga said. \u201cI don\u2019t know where it\u2019ll end, but I\u2019ve got no problem with the dialogue I\u2019m having.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThey\u2019re asking the right questions, and we\u2019re trying to give them the right answers,\u201d he added.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/04\/23\/business\/bessent-imf-world-bank-overhauls.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Scott Bessent on Wednesday called for major overhauls to the missions of the International Monetary Fund and the World Bank but said that the United States remained committed to maintaining its leadership role at the global economic institutions. The comments, made at a speech on the sidelines of the spring meetings of the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":288584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static01.nyt.com\/images\/2025\/04\/23\/multimedia\/23dc-bessent-vpcj\/23dc-bessent-vpcj-facebookJumbo.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[4311,673,171743,180320,168,197278,163575,51412,11523,25191,9945,14338,52,166932,163486,1052,23288],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/288583"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=288583"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/288583\/revisions"}],"predecessor-version":[{"id":288585,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/288583\/revisions\/288585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/288584"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=288583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=288583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=288583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}