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US Treasury Secretary Scott Bessent urges the World Bank to fund upstream oil and gas projects, support deep-sea mining and reform procurement rules, while calling on the IMF to step up scrutiny of global economic imbalances.
US Treasury Secretary Scott Bessent has called for sweeping reforms at the World Bank, urging the institution to lift restrictions on financing upstream oil and gas projects and expand its role in developing critical mineral resources.
In a statement issued on Wednesday to the steering committees of the World Bank and the International Monetary Fund (IMF), Bessent outlined a series of changes aligned with the Trump administration’s economic priorities. These include a technology-neutral approach to energy financing, support for deep-sea mining and changes to the bank’s procurement policies.
Bessent argued that the World Bank should assess oil and gas projects on their individual merits rather than exclude them outright.
“The Bank cannot credibly invoke country ownership while categorically excluding upstream projects before their development merits are even assessed,” he said.
Upstream projects involve the exploration and production of oil and natural gas. The proposed changes would mark a shift in the bank’s approach to fossil fuel financing.
The US Treasury also announced an initial contribution to a new World Bank-administered Nuclear Energy Assistance Trust Fund. The fund is intended to help countries prepare for future investments in nuclear power.
More from BusinessWashington also wants the World Bank to play a greater role in building critical mineral mining and processing capacity, including deep-sea mining. The Treasury said the institution could provide technical knowledge and guidance to support the development of the emerging sector.
Critical minerals are increasingly important for advanced manufacturing, clean energy technologies and strategic industries. Bessent called for wealthier countries, including China and Poland, to graduate more quickly from World Bank borrowing.
He also urged the bank to reform its procurement policies to promote competition and quality, arguing that its rules should not encourage subsidies or reward industrial policies that distort markets. The proposed reforms reflect the Trump administration’s broader push to reshape international financial institutions around its priorities on energy, trade and economic competition.
Bessent also called on the IMF to strengthen its analysis of global economic imbalances, including the effects of non-market policies and exchange rates.
The remarks appeared to echo Washington’s criticism of China’s economic practices and its use of state intervention in markets.
“The IMF was founded to prevent these kinds of distortive policies and negative spillovers and must exercise its voice on this critical issue or risk being sidelined,” the US Treasury said in the statement. The proposals put pressure on both institutions to reconsider aspects of their policies as the Trump administration seeks changes to global lending, energy financing and economic oversight.
