In a recent speech, Treasury Secretary Scott Bessent called for significant reforms in the International Monetary Fund (I.M.F.) and the World Bank, stressing the importance of maintaining U.S. leadership in these institutions. He criticized the I.M.F. for deviating from its original mission by focusing too much on climate change and social issues, which he argues distract from its foundational goals of ensuring global monetary stability. He also expressed concerns over the World Bank's approach under the Biden administration, urging it to prioritize efficient resource use and tangible results over abstract initiatives.
The I.M.F. has suffered from mission creep, with disproportionate attention on climate change and social issues overshadowing its core objective of global monetary cooperation.
The World Bank must stop expecting blank checks for vapid marketing and instead focus on using its resources efficiently to provide tangible value to member countries.
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