The Trump administration has finally revealed its position regarding the current situation of the two main institutions spawned from the Bretton Woods agreements: The International Monetary Fund (IMF) and the World Bank.

At the sidelines of the spring meetings of these institutions, Bessent lashed out at their current state, revealing that the U.S. government would seek to apply significant reforms to their behavior.

Bessent explained that the expansion of the mission of these two institutions had made them veer off course, centering on issues outside of their original scope. Climate change, gender, and social issues were some of the aspects mentioned by him.

Bessent stated that the Trump administration would work with these institutions to expand the U.S. leadership from within. “The IMF and World Bank serve critical roles in the international system. And the Trump Administration is eager to work with them — so long as they can stay true to their missions,” Bessent clarified.

He also criticized the views on China of these organizations, calling on them not to condone the disruptions of Chinese monetary policy on the global economy. “The IMF needs to call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades,” he remarked.

The IMF has been on a collision course with the U.S. government regarding its role in the current global trade war due to the implementation of its reciprocal tariff policy. Recently, the organization cut its global growth forecast, blaming the U.S. for this due to the trade tensions and their impact on the world’s economic stability.

Read more: IMF Cuts Global Growth Forecasts as US Tariffs Lead to Significant Economic Downgrade

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