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🇺🇸 Scott Bessent is calling for major World Bank reforms, including lifting restrictions on financing oil and gas extraction projects.
Bessent argues that countries should be allowed to develop their energy resources without the bank automatically excluding fossil fuel projects.
He also wants the World Bank to support deep-sea mining for critical minerals and expand investment in nuclear energy.
Other demands include limiting borrowing by wealthier countries such as China and Poland and reforming procurement rules to encourage competition.
Bessent also urged the IMF to take a tougher stance against economic policies that distort global trade in an apparent reference to China.
The proposals reflect the Trump administration's push to reshape international financial institutions around its energy and economic priorities.
Source: The State / Writer: Mhedi
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Jahanara Mehar Kazmi @JMK99y ·
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This is exactly why Bessent is right. You can't talk about energy security and development while ignoring who is attacking energy security.
The Houthis have spent years firing drones and missiles at Saudi oil fields, refineries, and civilian airports - Abqaiq, Khurais, Jizan. Every attack is an attack on global energy supply, on oil prices that hurt the poorest countries the most, and on the very right of a country to develop its resources.
The World Bank shouldn't be blocking Saudi, UAE or any country from developing their oil & gas because of climate ideology, while Iranian-backed Houthi terrorists are literally trying to blow up that same energy infrastructure. One side wants to build energy, the other wants to destroy it.
If you want stable markets, you support responsible energy producers like Saudi Arabia, not terrorists who weaponize energy. Reform is overdue.
