Introduction
During the 2026 World Bank and IMF Spring Meetings, U.S. Secretary of the Treasury Scott Bessent reinforced the Trump administration’s message for the international financial institutions (IFIs) to embrace a “back to basics” approach. He cited encouraging steps from the IFIs and, while urging some areas of reform, he indicated that the U.S. commitment to the Bretton Woods institutions remains intact. This cautious endorsement is reflected in the administration’s Fiscal Year 2027 (FY27) Budget Request released in April 2026. Requested gross new funding for the Treasury International Affairs budget is down approximately 20 percent lower than the enacted FY26 level, largely in line with the broader spending cuts proposed by the administration in several areas of discretionary nondefense programs.
