U.S. Wants World Bank to Drop Ban on Upstream Oil and Gas Funding

The World Bank needs profound reforms, including reversing a ban on upstream oil and gas financing, U.S. Treasury Secretary Scott Bessent said in a statement for the World Bank Development Committee and the IMF International Monetary and Financial Committee. The World Bank has made some steps in returning its focus on its core mission of reducing poverty and raising economic growth, Bessent said, but noted that “significantly more is needed.” “We continue to support the World Bank and African Development Bank goal to extend energy…