US Treasury Pushes for World Bank and IMF Reforms Aligned with Trump-Era Policies Treasury Secretary Scott Bessent outlined a series of demands aimed at reshaping World Bank and IMF priorities to favor U.S. interests, including removing restrictions on oil and gas financing, expanding critical minerals development, and tightening procurement practices. BANGKOK, Oct 15 - US Treasury Secretary Scott Bessent sent a comprehensive letter to the steering committees of the World Bank and the International Monetary Fund calling for a suite of reforms that reflect the priorities of the former Trump administration. The letter, which was published late Wednesday, is a clear attempt to realign the global financial architecture with U.S. strategic interests. Bessent's demands touch on several key areas: the removal of the World Bank's prohibition on financing upstream oil and gas projects, the development of deep‑sea critical minerals mining, reforms to procurement policies that discourage subsidies and distorted industrial practices, and a push for the International Monetary Fund to do more to counteract non‑market policies that contribute to global imbalances.Bessent Pressures World Bank On Fossil Fuel ConstraintsOne of the most controversial requests comes from the Treasury secretary's insistence that the World Bank remove its constraints on natural gas and oil projects. Bessent argues that the Bank cannot credibly claim "country ownership" while categorically excluding upstream projects before they are evaluated for their economic merits.By advocating for a technology‑neutral approach to energy, the Treasury is signaling a shift away from the Bank's previous emphasis on renewable energy and towards a more business‑as‑usual stance that supports fossil fuel development. Alongside this, the Treasury has announced its initial contribution to a new, World Bank‑administered Nuclear Energy Assistance Trust Fund. This fund is intended to help countries lay the groundwork for future nuclear power investments, thereby expanding the Bank's portfolio beyond the renewable sector.In addition to energy policy, Bessent called for the World Bank to play a "catalytic" role in developing critical minerals mining and processing capacity, with a special emphasis on deep‑sea mining. He expressed the view that the World Bank can be a source of knowledge and guidance in this nascent sector, thereby positioning the institution as a key enabler of the mining industry.Treasury Demands Procurement Reforms And Graduation For ChinaThe Treasury also urged the Bank to reallocate its procurement policies so that subsidies and distorted industrial policies are not rewarded. Instead, the Secretary demanded procurement reforms that would foster greater competition and quality in the projects that the Bank funds. By calling for the faster graduation of wealthier countries such as China and Poland from World Bank borrowing, the Treasury is aligning the Bank's lending practices with a more U.S.-centric view of regional balance.Turning to the International Monetary Fund, Bessent's letter underscores a frustration that the IMF must do more to address non‑market policies that are seen as the root of global economic imbalances. The Secretary signaled that the IMF should intensify its analysis of global imbalances, including the impact of non‑market policies and practices and exchange rates.Bessent Urges IMF To Counteract Non-Market Economic PoliciesHe stressed that the IMF was founded to prevent the kinds of distortive policies that generate negative spillovers and that, if it fails to exercise its voice on this critical issue, it risks being sidelined. The overall tone of Bessent's letter signals a broader strategy to throw U.S. influence back onto the global financial stage by reshaping the policies of the World Bank and the IMF to favor a more fossil‑fuel‑friendly, industrial‑policy‑reform‑supporting, and market‑oriented approach.The world will watch closely to see whether these demands are accepted, negotiated or rebuffed by the institutions they target.