Treasury Secretary Scott Bessent has played a balancing act trying to reassure nervous investors that the U.S. would maintain its global leadership role while staying true to the Trump administration’s skepticism of multilateral banking organizations.

Bessent spoke to the Institute of International Finance as both the International Monetary Fund and World Bank held their spring meetings in Washington. On Monday, the IMF downgraded its forecast of U.S. economic growth to 1.8% this year, a reduction from the 2.7% it estimated as recently as January.

Treasury Secretary Scott Bessent said Wednesday that the Trump administration planned to pursue reforms at the International Monetary Fund and World Bank to achieve a more “sustainable international economic system” that better serves the United States and other countries.

Economic pressures from steep new U.S. tariffs will push global public debt above pandemic-era levels to nearly 100% of global GDP by the end of the decade as slower growth and trade strain government budgets,

Higher tariffs and heightened geopolitical tensions may push government debts to new highs over the coming years, making the need for policymakers to outline robust plans for containing the surge more pressing,

The International Monetary Fund on Tuesday cut its 2025 growth outlook for emerging economies including Mexico and China, warning that tighter funding conditions and a scarcity of development cash could inflict pain on developing nations.