The U.S. Treasury Secretary will skip the IMF and World Bank meetings — why this is unusual and what the reasons are

U.S. Treasury Secretary Scott Bessent will miss the annual meetings of the IMF and World Bank, which will take place next week in Bangkok, Thailand, due to domestic matters. A U.S. official said this on Friday, UNN reports, citing Reuters.

Details

The Treasury Department confirmed that the U.S. delegation from the department will be led by Deputy Secretary Francis Brooke and Deputy Secretary for International Affairs Erin Brown, with a number of urgent economic issues on the agenda.

The Treasury Department said that during the meetings, U.S. representatives would work with partners to address policy issues and structural imbalances holding back economic growth, while also insisting on "greater transparency and more effective approaches to managing sovereign debt."

Bessent's absence from this important financial event comes at a critical moment: yields on benchmark U.S. Treasury bonds have reached their highest level in nearly 25 years, while a prolonged energy shock caused by the war in the Middle East has slowed the pace of global economic growth.

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It is not yet known for certain exactly what domestic matters are forcing Bessent to remain in the country, but he plays a key role in promoting domestic economic policy ahead of the U.S. midterm elections.

In addition, the United States is chairing the "Group of Twenty" (G20) this year, and normally the Treasury secretary would chair the meeting of finance ministers and central bank heads from around the world. Bessent is expected to attend the G20 leaders' summit, which will take place in December in Miami, Florida.

The publication adds that it is not unusual for senior officials to miss individual meetings due to scheduling conflicts or other circumstances; however, Bessent's decision may displease representatives of other countries, who typically use such events to hold official and unofficial bilateral meetings with their American counterparts.

Last year, Bessent missed the G20 meetings in South Africa due to the Trump administration's objections to land reform in that country and other issues.

The Treasury Department said that the U.S. delegation would focus on debt problems so that countries facing difficult debt situations could restore stability and return to economic growth, while "clear and consistent standards" would be applied to creditors and borrowers. The United States will also continue to insist that the International Monetary Fund and the World Bank — in which the United States is the largest shareholder — focus on carrying out their core missions, operate effectively, and support policies that promote economic stability, productivity, and growth.

"Our participation in the events in Bangkok will be guided by a clear objective: to ensure that international financial institutions and the broader international economic system help advance U.S. economic interests and national security interests," the Treasury Department said in a statement.