US Treasury chief to skip IMF annual meetings in Bangkok

WASHINGTON: US Treasury Secretary Scott Bessent will forego partaking in the IMF and World Bank's annual gatherings in Bangkok next week, a department spokesperson affirmed on Friday, as internal pressures intensify regarding the conflict with Iran and bond yields persistently remain high. Bessent was scheduled to preside over a conference of G20 finance ministers and central bank representatives on Thursday, with the United States currently holding the rotating presidency of the group.

However, the Treasury Department stated that Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will instead spearhead the US representation. A US official further disclosed that Bessent is occupied with domestic duties, offering no additional information. The biennial meetings, held outside the IMF's headquarters in Washington once every three years, occur weeks before the crucial US midterm elections, in November, where President Donald Trump's Republican Party is striving to maintain control of Congress amid escalating voter concerns over affordability.

Americans are grappling with the burden of surging energy costs stemming from the war in the Middle East, which ignited following US-Israeli strikes in late February targeting Iran. Iran has since blocked the Strait of Hormuz, triggering a surge in oil prices. Bessent also opted not to attend a G20 meeting in Cape Town last year.

His predecessors, Janet Yellen and Steven Mnuchin, had previously attended the IMF's annual meetings in Marrakech and Bali, respectively. US officials will collaborate with partners in Bangkok to tackle policies and structural imbalances that have hindered growth and contributed to persistent global imbalances, the Treasury Department stated.

Officials will also endeavor to achieve greater transparency and more effective strategies for sovereign debt, the agency added.