Treasury Secretary Scott Bessent argued in a speech that the multilateral economic institutions have veered away from their missions.

Treasury Secretary Scott Bessent called for a course correction for the International Monetary Fund and World Bank, while saying they serve “critical roles” and the Trump administration is willing to work with them.

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.