US Treasury Secretary Bessent at the IMF conference says
IMF, World Bank serve critical roles in international system.
U.S. administration is eager to work with IMF and World Bank as long as they stay true to their missions.
No one who financed or supplied the Russian war machine will be eligible for funds earmarked for Ukraine’s reconstruction.
U.S. wants allies to work with it to rebalance international financial system and refocus IMF, World Bank to founding charters.
Trump administration wants to help China and U.S. rebalance.
China’s current economic model is built on exporting its way out of economic troubles.
IMF devotes disproportionate time and resources to work on climate change, gender and social issues, crowding out macroeconomic work.
IMF needs to call out countries like China that have pursued globally distortive policies, opaque currency practices.
Economic stability and growth should be markers of IMF success, not how much money is lent.
World Bank should no longer expect blank checks for vapid, buzzword-centric marketing and half-hearted reform commitments.
World Bank can use resources more efficiently by focusing on increasing energy access.
World Bank treating China, the second-largest economy in the world, as a developing country is absurd.
World Bank must set firm graduation timelines to end lending to countries that have met graduation criteria.
If China wants to play a role in the global economy commensurate with its actual importance, then the country needs to graduate up.
China can start reform by moving economy away from export overcapacity, toward supporting its own consumers and domestic demand.
Not every country is deserving of IMF support like Argentina; IMF must hold countries accountable to reforms.
World Bank needs to use resources as efficiently and effectively as possible, demonstrate tangible value for member countries.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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