The US asks the World Bank to resume financing of oil and gas projects

US Treasury Secretary Scott Bessent wants the World Bank to lift existing restrictions on financing oil and gas projects. According to him, the bank should not rule out energy projects in advance and should evaluate each one based on its economic benefits and necessity.

Washington is also ready to participate in a new World Bank fund that will help countries prepare nuclear energy projects. Bessent is also asking the bank to allocate more funds for the extraction and processing of critical minerals. This includes the development of seabed minerals, where the World Bank could play an advisory role alongside financing.

The US is seeking changes in other areas as well. Washington wants the World Bank to more quickly restrict concessional loans to relatively wealthy countries such as China and Poland.

According to Bessent, the International Monetary Fund should also pay more attention to issues related to government subsidies and countries' currency policies.

Source: Reuters