U.S. Treasury Secretary Scott Bessent issued a statement late on Wednesday, October 14, 2026, calling for a series of changes to the World Bank and International Monetary Fund (IMF). The recommendations include lifting the World Bank's prohibition on financing upstream oil and natural gas projects and increasing support for deep-sea mining of critical minerals.
The proposals align with the interests of the Trump administration. Historically, the World Bank has maintained a prohibition on financing upstream fossil fuel projects—activities involving the exploration and extraction of oil and gas. Bessent stated that the bank cannot credibly support "country ownership" of development while categorically excluding such projects before their merits are assessed.
In his statement to the steering committees of both institutions, Bessent advocated for a "technology-neutral" approach to energy. He also announced that the U.S. Treasury is providing an initial contribution to a new Nuclear Energy Assistance Trust Fund, administered by the World Bank, to assist countries in preparing for future nuclear power investments. Additionally, he called for the bank to reform procurement policies to avoid rewarding industrial subsidies or distortive policies.
Regarding the IMF, Bessent said the organization must do more to analyze global imbalances and push back against non-market policies and exchange rate practices. While the statement did not name specific nations in this context, the remarks follow U.S. criticism of Chinese economic policies. Bessent also called for wealthier nations, specifically naming China and Poland, to "graduate" more quickly from World Bank borrowing programs.
The proposed shift in financing would affect developing nations seeking infrastructure funding. If the World Bank removes its prohibition on upstream oil and gas projects, countries could gain access to loans and technical assistance currently unavailable for those purposes. Conversely, this change would alter the bank's current trajectory toward green energy financing.
The scale of the impact involves global development capital managed by the World Bank and IMF. By calling for the "graduation" of countries like China and Poland, Bessent is proposing to redirect resources away from middle-income nations toward lower-income ones.
The specific timeline for these changes depends on the response of the World Bank and IMF steering committees and their member nations. While the U.S. is a major shareholder, these institutions operate on a multilateral basis. The Treasury statement was issued on October 14, 2026, ahead of scheduled meetings in Bangkok; further developments will depend on the outcome of these international deliberations.