In a speech delivered on April 23, 2025, at the Institute of International Finance in Washington, D.C., U.S. Treasury Secretary Scott Bessent criticized the International Monetary Fund (IMF) and the World Bank for deviating from their foundational missions. Bessent accused these institutions of "mission creep," asserting that their increased focus on issues such as climate change, gender equality, and social concerns has diluted their effectiveness in promoting global monetary cooperation and financial stability.

Bessent emphasized the need for the IMF to return to its primary role of addressing balance of payments problems and for the World Bank to concentrate on poverty reduction and economic growth. He underscored the importance of holding countries accountable for implementing economic reforms and suggested that the World Bank should adopt a technology-neutral approach to energy investments, including support for fossil fuels and nuclear power. Despite his critiques, Bessent reaffirmed the U.S. commitment to these institutions, indicating a desire for reform rather than withdrawal.

Scott Kenneth Homer Bessent, born on August 21, 1962, in Conway, South Carolina, is an American investor and hedge fund manager. He graduated from Yale University in 1984 with a Bachelor of Arts in political science. Bessent began his career in finance, working at firms such as Brown Brothers Harriman and Kynikos Associates. In 1991, he joined Soros Fund Management, eventually becoming head of its London office. Notably, he was part of the team that profited over $1 billion during the 1992 sterling crisis. In 2015, Bessent founded Key Square Group, a global macro investment firm. He served as a major donor and economic advisor for Donald Trump's 2024 presidential campaign and was confirmed as the 79th U.S. Secretary of the Treasury on January 27, 2025.

In his address, Secretary Bessent criticized the IMF and World Bank for straying from their foundational objectives. He argued that their increased focus on issues such as climate change, gender equality, and social concerns has led to a dilution of their primary missions. Bessent emphasized the need for the IMF to concentrate on addressing balance of payments problems and for the World Bank to focus on poverty reduction and economic growth. He also underscored the importance of holding countries accountable for implementing economic reforms. Additionally, Bessent suggested that the World Bank should adopt a technology-neutral approach to energy investments, which would include support for fossil fuels and nuclear power. Despite his critiques, he reaffirmed the U.S. commitment to these institutions, indicating a desire for reform rather than withdrawal.

Bessent's remarks come amid broader discussions about the roles of international financial institutions in addressing global challenges. His call for a return to core missions suggests a shift towards prioritizing traditional economic objectives over newer social and environmental initiatives. This stance may influence future policies and funding priorities within the IMF and World Bank. Furthermore, Bessent's emphasis on accountability and economic reforms aligns with the U.S. administration's focus on ensuring that international aid and financial support lead to tangible economic improvements. His suggestion for a technology-neutral approach to energy investments indicates a potential policy shift that could impact global energy markets and the financing of energy projects.

Treasury Secretary Scott Bessent's call for the IMF and World Bank to refocus on their core missions highlights a significant moment in international financial policy, reflecting the U.S. administration's emphasis on traditional economic objectives and accountability in global financial institutions.