The Governor of the Bank of England, Andrew Bailey, has emphasized the importance of continued US support for the International Monetary Fund (IMF) and the World Bank amid growing uncertainty over Washington’s stance on global financial institutions.

Speaking to the BBC, Bailey said he was closely monitoring signals from the Trump administration, which is reviewing US participation in several international organizations, including the IMF and the World Bank. A recent White House executive order has triggered an assessment of global institutions to determine if they align with US interests or require reform.

Bailey stressed the need for global economic stability, warning that fragmentation could undermine economic cooperation. "It is crucial that we maintain engagement with multilateral institutions like the IMF and the World Bank, which play a vital role in supporting the global economy," he said.

Concerns are rising among finance ministries and central banks worldwide over potential US disengagement. Washington insiders indicate that radical shifts in US policy toward these institutions are under discussion, with the "Project 2025" framework—linked to key White House personnel—advocating withdrawal from both the IMF and the World Bank.

The document argues that these organizations promote economic policies that conflict with American free-market principles and calls for reassessing financial contributions. Under the executive order, a six-month review will determine whether the US should continue its involvement or consider withdrawal.

During Trump’s first term, members of his team reportedly suggested dismantling the IMF at the 2018 G20 Summit in Buenos Aires. Now, similar proposals are being discussed again. As the largest shareholder in both the IMF and the World Bank, the US has significant influence over their operations. These institutions, established after World War II, provide financial assistance to struggling economies and support development projects in low-income nations.

Meanwhile, sources suggest that US scrutiny may also focus on the World Bank’s lending to China. Additionally, Elon Musk’s Department of Government Efficiency is targeting USAID’s development spending as part of broader cost-cutting measures.

When asked about the possibility of US withdrawal, the IMF responded by highlighting its long-standing collaboration with various American administrations, reaffirming its commitment to global economic cooperation.