Bessent to miss IMF annual meetings in Bangkok

Doha, October 9: US Treasury Secretary Scott Bessent will not attend the upcoming IMF and World Bank annual meetings in Bangkok, Thailand, due to domestic commitments, according to a US official. Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will represent the US at the event, with numerous pressing economic topics on the agenda.

The Treasury Department explained that US officials would collaborate with partners to address policies and structural imbalances hindering growth and advocate for greater transparency and more effective methods for sovereign debt management. Bessent's absence at the high-profile financial gathering occurs at a crucial time when Treasury yields have risen to their highest levels in nearly 25 years, and the ongoing energy crisis stemming from the Middle East conflict has hindered global growth.

The reason for Bessent's absence from the event remains undisclosed, but as a key advocate for domestic economic policies leading up to the US midterm elections, he could be occupied with other matters. It is customary for the US to lead the Group of 20 major economies, and Bessent would typically chair a meeting of finance ministers and central bankers from across the globe.

Nevertheless, Bessent is set to participate in the G20 leaders summit in Miami, Florida, in December. While it is not uncommon for high-ranking officials to miss specific meetings due to scheduling conflicts or other reasons, Bessent's decision may disappoint officials from other nations, who generally utilize these events to establish both formal and informal bilateral interactions with their US counterparts.

The Treasury Department outlined that the US delegation would concentrate on debt issues, enabling countries grappling with debt difficulties to achieve stability and resume growth, while creditors and borrowers are held to clear and consistent standards. The US will also persist in urging the International Monetary Fund and World Bank, of which it is the largest shareholder, to prioritize their primary objectives, operate efficiently, and support measures that foster economic stability, productivity, and growth.

The Treasury stated that their presence in Bangkok will be directed by the primary goal of ensuring that international financial institutions and the wider international economic system advance US economic and national security interests.