Bessent Urges IMF and World Bank to Refocus on China, Not Woke Agenda

Treasury Secretary Scott Bessent is calling on the world’s two most powerful financial institutions to return to their core missions—and to stop wasting resources on left-wing social causes.

Speaking ahead of this week’s annual IMF and World Bank meetings, Bessent warned that the institutions have “drifted off course” by prioritizing climate change, gender ideology, and diversity campaigns instead of tackling the real economic threats facing the world.

“At a time when countries around the world are tightening their belts, we should expect the same from public institutions,” Bessent said. “Resources must not be siphoned away from the core missions.”

That core mission, according to Bessent, includes holding China accountable.

Last week, Beijing announced sweeping new export controls that will take effect on November 1, threatening to cut off global access to nearly all Chinese-made goods. President Trump slammed the move as a “moral disgrace” and responded with a promise to slap 100% tariffs on Chinese imports if the policy goes forward.

Bessent backed the president’s warning and called on the IMF to conduct aggressive surveillance of China’s economy, not to lecture member nations about climate emissions or gender parity.

“The IMF is uniquely positioned to identify imbalances and risks,” Bessent said. “It’s time they used that position to confront the threat posed by China’s economic manipulation.”

As for the World Bank, Bessent argued that it should stop sending aid to China altogether.

“China is no longer a developing country. It is the world’s second-largest economy and a strategic adversary. It’s time for the World Bank to graduate China and redirect its limited resources to nations that actually need the help,” he said.

He also took aim at the bloated budgets of both institutions, criticizing their “ballooning salaries” and bureaucratic sprawl. “Public institutions built with taxpayer money should lead by example when it comes to financial discipline,” Bessent added.

The United States remains the single largest financial backer of both the IMF and World Bank, giving the Treasury Secretary’s voice significant weight on matters of policy and oversight.

The speech marked a dramatic departure from the Biden-era priorities under Janet Yellen, who last year bragged about hitting “record highs” in climate finance and pushing for expanded funding for climate-focused lending. At the 2024 meetings, Yellen told global leaders that “confronting climate change remains at the top of our agenda.”

Not anymore.

Under Bessent and President Trump, the new agenda is clear: end the distractions, follow the money, and make China—not climate and gender—priority number one.