US Treasury's Bessent to skip IMF-World Bank meetings in Bangkok

DOHA, Oct 9 : US Treasury Secretary Scott Bessent will skip next week's annual meetings of the IMF and World Bank in Bangkok, Thailand, due to domestic engagements, a US official said on Friday.

The Treasury Department confirmed that Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will lead the US delegation for the department, with many pressing economic issues on the agenda.

Treasury said US officials would work with partners at the meetings to address policies and structural imbalances that have held back growth, while pushing for "more transparency and more effective approaches to sovereign debt."

Bessent's absence from the high-profile financial event comes at a critical moment when benchmark Treasury yields have surged to their highest levels in nearly 25 years and the ongoing energy shock caused by the war in the Middle East has set back global growth.

CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less It was not immediately clear what domestic engagements are keeping Bessent at home, but he has been a key spokesman for domestic economic policies as the midterm US elections approach. The US also leads the Group of 20 major economies this year, and the Treasury chief would normally have chaired a meeting of finance ministers and central bankers from around the world. Bessent is expected to attend the G20 leaders summit in Miami, Florida, in December. It is not unprecedented for top officials to miss occasional meetings due to scheduling issues or other factors, but Bessent's decision may frustrate top officials from other countries, who generally use the meetings to secure formal and informal bilateral meetings with their US counterpart. Bessent skipped the G20 meetings in South Africa last year amid the Trump administration's objections to the country's land reforms and other issues. Treasury said the US delegation would focus on the debt issues so that countries facing debt distress could restore stability and return to growth, while creditors and borrowers are "held to clear and consistent standards." The US would also continue to press the International Monetary Fund and World Bank, where it is the biggest shareholder, to focus on their core mandates, operate efficiently, and support policies that promote economic stability, productivity and growth. "Our engagement in Bangkok will be guided by a clear objective: ensuring that the international financial institutions and the broader international economic system advance US economic and national security interests," Treasury said in a statement.

It was not immediately clear what domestic engagements are keeping Bessent at home, but he has been a key spokesman for domestic economic policies as the midterm US elections approach.

The US also leads the Group of 20 major economies this year, and the Treasury chief would normally have chaired a meeting of finance ministers and central bankers from around the world. Bessent is expected to attend the G20 leaders summit in Miami, Florida, in December.

It is not unprecedented for top officials to miss occasional meetings due to scheduling issues or other factors, but Bessent's decision may frustrate top officials from other countries, who generally use the meetings to secure formal and informal bilateral meetings with their US counterpart.

Bessent skipped the G20 meetings in South Africa last year amid the Trump administration's objections to the country's land reforms and other issues.

Treasury said the US delegation would focus on the debt issues so that countries facing debt distress could restore stability and return to growth, while creditors and borrowers are "held to clear and consistent standards."

The US would also continue to press the International Monetary Fund and World Bank, where it is the biggest shareholder, to focus on their core mandates, operate efficiently, and support policies that promote economic stability, productivity and growth.

"Our engagement in Bangkok will be guided by a clear objective: ensuring that the international financial institutions and the broader international economic system advance US economic and national security interests," Treasury said in a statement.

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