The upcoming Spring Meetings of the International Monetary Fund (IMF) and World Bank will focus on critical global economic issues. Secretary Bessent outlines the U.S. perspective, emphasizing the Trump Administration's commitment to economic growth, lower inflation, controlled federal spending, and equitable trade.
"The Trump Administration remains focused on driving economic growth supported by private-sector demand, bringing down inflation, controlling federal spending, and restoring fairness in U.S. trade relationships," Secretary Bessent states.
Secretary Bessent sees opportunities for the IMF and World Bank to better serve their members and contribute to strengthening the U.S. economy. "International Financial Institutions that promote sustainable global economic growth and stability will help the private sector thrive and expand economic opportunities for all."
Reflecting on the IMF's core mission of macroeconomic and financial stability, Bessent advocates for a return to foundational principles. "After 80 years, we need to restore the foundations of the IMF and World Bank."
Additionally, Bessent addresses the need to improve the IMF's lending programs and enhance debt sustainability policies. "The IMF must improve the quality and effectiveness of its programs so that countries exit these arrangements on a stable footing and avoid prolonged dependence on IMF support."
Regarding the World Bank, Bessent emphasizes a focus on poverty reduction and economic growth. "Moving countries to greater self-reliance must be the goal of the World Bank's efforts."
Bessent highlights the importance of energy access and security in promoting private investment and growth. "Ending energy poverty through a focus on energy access and security is vital for enabling private investment and boosting growth."
Finally, there is a call for the World Bank and IMF to reduce fiscal deficits and improve efficiency. "As the United States and other shareholders seek to rein in fiscal deficits and boost efficiency, we expect the World Bank and IMF to follow suit."
Secretary Bessent stresses the importance of focusing on the core missions of both institutions and the United States' willingness to support their respective management to achieve these objectives.
