Treasury Secretary Scott Bessent said Wednesday that the International Monetary Fund and the World Bank are "falling short" of their original missions and guilty of "mission creep" as he asked them to refocus efforts on helping the US restore balance to the international economic system.

U.S. Treasury Secretary Scott Bessent said on Wednesday that International Monetary Fund Managing Director Kristalina Georgieva and World Bank President Ajay Banga are both good leaders but they will have to earn the Trump administration's trust refocusing the institutions on their core missions.

The treasury secretary said the Trump administration remains committed to playing a leadership role in the IMF and the World Bank but will “demand that the management and staff of these institutions be accountable for demonstrating real progress.