US Treasury chief to skip IMF annual meetings in Bangkok

US Treasury Secretary Scott Bessent will forego attending the International Monetary Fund and World Bank's annual meetings in Bangkok next week, according to a department official. This decision comes as domestic pressures mount over the ongoing war with Iran and the persistently high bond yields. G20 finance ministers and central bank governors were set to chair a meeting with Bessent as the rotating president of the grouping.

However, Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will now lead the US delegation in his absence. The official explanation cited Bessent's domestic engagements, though no further details were provided. The annual meetings, held outside the IMF's Washington headquarters once every three years, precede crucial US midterm elections in November.

President Donald Trump's Republican Party is striving to retain control of Congress amid growing voter concerns over affordability, exacerbated by rising energy costs following the Middle East conflict that began with US-Israel strikes in late February. Tehran subsequently blocked the Strait of Hormuz, causing oil prices to surge.

Bessent also opted out of attending 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 impede growth and contribute to global imbalances, the treasury department stated.

They will also advocate for greater transparency and more effective approaches to sovereign debt management.