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 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.

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.