U.S. Treasury chief Scott Bessent to skip IMF-World Bank meetings in Bangkok

U.S. Treasury Secretary Scott Bessent will be absent from upcoming meetings of the International Monetary Fund and World Bank in Bangkok, Thailand, due to domestic commitments, a U.S. official announced on Friday. Deputy Treasury Secretary Francis Brooke and Under Secretary for International Affairs Erin Browne will represent the U.S. at the event, which will address pressing economic issues such as policies, structural imbalances, and sovereign debt.

Bessent's absence is notable as the Treasury chief would typically chair a meeting of finance ministers and central bankers from around the world, as the U.S. currently leads the Group of 20 major economies. The meetings come at a crucial time when Treasury yields have reached their highest levels in nearly 25 years, and global growth has been hindered by the ongoing energy crisis stemming from the Middle East conflict.

While Bessent's participation in the Group of 20 leaders summit in Miami, Florida, in December is still planned, his decision to skip the IMF-World Bank meetings may disappoint other countries that rely on these gatherings to establish formal and informal bilateral relationships with their U.S. counterparts. The U.S. delegation aims to focus on debt issues to help countries with debt challenges restore stability and return to growth, while ensuring creditors and borrowers are held to clear and consistent standards.

The Treasury also seeks to encourage the International Monetary Fund and World Bank to prioritize their core mandates, operate efficiently, and support policies that foster economic stability, productivity, and growth. Bessent's absence from these high-profile financial events occurs amid growing concerns about domestic economic policies as the U.S. midterm elections approach.