Why this Republican lawmaker worries about the IMF and World Bank

U.S. Rep. French Hill argues the IMF has lost its path, as it increasingly dabbles in development, and the World Bank risks the same with a focus on climate. He says they both need to stick to their mandates or risk failing the world at a time of increased stress.

By Shabtai Gold // 11 April 2023

Has the International Monetary Fund veered from its mission? Has the World Bank lost focus on fighting poverty?

As the institutions’ Spring Meetings kick off in Washington this week, U.S. Rep. French Hill argues that both institutions are vital but need to stick to their mandate or risk failing the world at a time of increased stress, including from rising interest rates.

A Republican, Hill is the vice chair of the House Financial Services Committee and sits on the Foreign Affairs Committee, giving him a strong say in the direction of U.S. global development initiatives.

More reading:

► Republicans grill Yellen on climate finance and World Bank reform

► No regrets: World Bank's Malpass slams donors for climate hypocrisy

► Ajay Banga: World Bank can be a change 'catalyst,' more reforms likely

About the author

Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.