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Scott Bessent says the World Bank and IMF need a total overhaul: 'Mission creep has knocked these institutions off course'

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Treasury Secretary Scott Bessent, in remarks to the Institute of International Finance on Wednesday, said the two agencies are falling short.
Scott Bessent, a former Trump administration official and founder of Key Square Capital Management, has called for a significant overhaul of the World Bank and the International Monetary Fund (IMF), arguing that these institutions have strayed from their original missions due to "mission creep." In an interview with Fortune, Bessent criticized the World Bank and IMF for expanding into areas like climate change and social issues, which he believes should be handled by other organizations. He emphasized that the primary focus of these institutions should be on promoting economic development and stability in developing countries. Bessent suggested that the U.S. should leverage its influence as the largest shareholder to push for reforms that realign the World Bank and IMF with their core objectives, warning that failure to do so could undermine their effectiveness and credibility.

Read the Full Fortune Article at:
[ https://fortune.com/article/scott-bessent-world-bank-imf-overhaul-mission-creep/ ]