US Treasury Secretary Scott Bessent’s absence from G20 meetings has heightened concerns about Washington’s possible withdrawal from international organizations including the World Bank and the International Monetary Fund. What are the World Bank and IMF, and what would happen if the US withdrew from them?
What are the functions of the World Bank and IMF?
In order to promote international unity and prevent future conflicts, the United States and its allies established the two institutions in the wake of World War II.
From Greece during its financial crisis to Argentina after several debt defaults and even the United Kingdom during an economic disaster in 1976, the IMF is a lender of last resort to nations in dire straits.
