US Treasury Chief Backs IMF, World Bank After Criticism : Gallic Times | US Economy, Business News & Global Markets

US Treasury Secretary Scott Bessent said Tuesday that the IMF and World Bank are moving forward in a “constructive way,” one year after delivering sharp criticism of both institutions.

He congratulated both their leaders in remarks on the sidelines of the organizations’ spring meetings — which bring global government and financial leaders to Washington this week.”The IMF is working on bringing Venezuela back in, to make it look more like a normal economy,” Bessent told an Institute of International Finance event adjacent to the gathering.He added that he expects the fund to play a “very important role” there.

“World Bank leadership in terms of energy and unlocking resources and stability for the very poorest countries, I think, it’s back on a great trajectory,” Bessent added.

During last year’s spring meetings, Bessent argued that the International Monetary Fund and World Bank should be promoting economic growth instead of social issues.

He took aim at the IMF for devoting “disproportionate time” to topics like climate change and gender.

At the time, he added that the World Bank needed to focus on core functions like helping developing countries grow their economies, lower poverty and boost investments.

On Tuesday, Bessent said “I think the World Bank has made a good pivot,” particularly on nuclear energy.

Last year, the bank said it was re-entering the nuclear energy space for the first time in decades as it works towards meeting growing electricity demand in developing countries.

Bessent added that the World Bank is now taking a position more supportive of “energy abundance” and “getting back to the core mission of lifting people out of poverty.”

He criticized a focus on social and climate issues as “luxury beliefs.”

AFP

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