The International Monetary Fund and World Bank "must be made fit for purpose again," US Treasury Secretary Scott Bessent said Wednesday, arguing the institutions have strayed from their initial missions.
The IMF "has no obligation to lend to countries that fail to implement reforms," Bessent said in a speech on the sidelines of both organizations' spring meetings. "Economic stability and growth should be the markers of the IMF's success."
He added that the World Bank should also "no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform."
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