Treasury Secretary Scott Bessent said Wednesday that the Trump administration planned to pursue reforms at the International Monetary Fund and World Bank to achieve a more “sustainable international economic system” that better serves the United States and other countries.

Bessent spoke to the Institute of International Finance as both the International Monetary Fund and World Bank held their spring meetings in Washington. On Monday, the IMF downgraded its forecast of U.S. economic growth to 1.8% this year, a reduction from the 2.7% it estimated as recently as January.

U.S. Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Trump’s tariffs are forecast to slow the global economy sharply this year, the International Monetary Fund said.