US Treasury Secretary Bessent Criticizes IMF and World Bank for Mission Creep

US Treasury Secretary Scott Bessent has sharply criticized the International Monetary Fund and the World Bank for straying from their original mandates, calling out their increased focus on climate change, gender equality, and social initiatives as "vanity projects." In a pointed rebuke, Bessent argued that these institutions should refocus on their CORE missions—maintaining financial stability and fostering economic development. He urged the World Bank to adopt a technology-neutral stance and pressed the IMF to enforce stricter lending standards, even if it means rejecting some proposals. His remarks underscore growing concerns that the Bretton Woods institutions risk losing their effectiveness unless they undergo significant reforms. "These organizations weren’t created to chase every global trend," Bessent said. "They need to remember why they exist."