Introduction
With the termination of USAID and an Executive Order calling for a review of all international organizations of which the United States is a member, many wondered what the President’s FY26 Budget Request for the International Financial Institutions (IFIs) would look like. The first clues came in mid-April during the Spring Meetings of the IMF and World Bank, when Treasury Secretary Scott Bessent reasserted Treasury’s leadership role on IFI matters, saying “America first does not mean America alone.” Secretary Bessent also made clear that the United States will remain supportive of the IFIs if they return to their core missions. Released in full on 30 May 2025, the administration’s Fiscal Year 2026 (FY26) Budget Proposal reflects this approach.
