Treasury Secretary Scott Bessent has voiced concerns about the direction of the International Monetary Fund (IMF) and the World Bank, alleging that they are suffering from 'mission creep.' During a speech delivered earlier today, Bessent argued that these institutions, originally designed to stabilize the global economy and promote development, have expanded their activities into areas beyond their core competencies.
'The IMF and World Bank were established with specific goals in mind,' Bessent stated. 'Over time, however, their focus has broadened, leading to a dilution of resources and a potential decrease in their overall effectiveness.' He cited examples of projects and initiatives undertaken by the organizations that he believes fall outside their original mandates.
Bessent's comments raise questions about the future role of the U.S. in supporting these international institutions. He emphasized the importance of accountability and transparency, suggesting that a review of the IMF and World Bank's activities is warranted. The Secretary's remarks are likely to spark debate among economists and policymakers about the appropriate scope and function of these influential organizations in the 21st century.
Bessent: IMF and World Bank Engaging in 'Mission Creep'
Treasury Secretary Scott Bessent recently criticized the International Monetary Fund (IMF) and the World Bank, accusing them of straying from their original mandates. In a public address, Bessent argued that these multilateral economic institutions have expanded their activities beyond their intended scope, a phenomenon he termed 'mission creep.' He suggested a need for these organizations to refocus on their core missions to ensure effectiveness and accountability. Bessent's remarks signal potential shifts in the U.S. approach to international financial institutions.