New York [US], October 11: Next week's IMF and World Bank annual meetings in Bangkok are proceeding without the planned attendance of US Treasury Secretary Scott Bessent. His absence shifts leadership of the US delegation to senior Treasury officials as debt policy, global growth and institutional reform remain high on the agenda.
As reported by Reuters, the Treasury Department says Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will lead the US delegation at the meetings in Thailand after Bessent decides to stay in Washington because of domesticengagements.
Treasury says US officials will work with partners on policies and structural imbalances that have held back growth, while pressing for more transparency and more effective approaches to sovereign debt.
The department also says the delegation will focus on helping countries facing debt distress restore stability and return to growth, while ensuring creditors and borrowers are held to clear and consistent standards.
In a statement, Treasury says its engagement in Bangkok is guided by the objective of ensuring that international financial institutions and the broader international economic system advance US economic and nationalsecurity interests.
The US also plans to keep pressing the IMF and World Bank, where it is the biggest shareholder, to focus on core mandates, operate efficiently and support policies that promote economic stability,productivity and growth.
Bessent's absence comes at a sensitive time for the global economy, with benchmark Treasury yields surging to their highest levels in nearly 25 years and the continuing energy shock linked to the war in the Middle East weighing on growth.
It is not immediately clear which domestic commitments are keeping him at home, but he has been a prominent voice on domestic economic policy as the US midterm elections approach.
Source: Qatar Tribune