US, IMF Leadership Highlight Rule of Law as Key to Economic Growth, Shared Prosperity at Global Gathering
A statement from Transparency International U.S.
October 23, 2025
WASHINGTON, D.C. – Last week, finance ministers and other public officials, investors, experts and advocates from around the world gathered in Washington, D.C. for the Annual Meetings of the World Bank and International Monetary Fund (IMF). The meetings come at a time of alarming levels of rising public debt. Emerging markets have been hit the hardest, with their public debt levels growing twice as fast as in developed economies since 2010.
Transparency International U.S., in collaboration with our colleagues in several countries experiencing debt distress, has urged the IMF and U.S. representation to the IMF to elevate issues of governance in both its surveillance and lending, and to prioritize the inclusion of governance reforms in its financing agreements.
During the meetings, U.S. Treasury Secretary Scott Bessent stated, “Corruption and criminal activity continue to stymie some IMF reform efforts. Strong commitments to governance, anti-corruption, and effective safeguards must underpin lending programs to help ensure lasting reforms catalyze more durable private sector-led growth.”
IMF Managing Director Kristalina Georgieva similarly stated, “[G]overnments must provide and protect the basic building blocks of free markets, including property rights, rule of law, good data, effective bankruptcy codes, strong financial sector oversight, and independent yet accountable institutions.”
Following the meetings, Transparency International U.S. Research and Program Associate Annalise Burkhart issued the following statement:
Opaque and unaccountable governance continues to block economic reform efforts that are necessary to foster sustainable economies. In recent years, investors and IMF leadership have increasingly acknowledged the central role of transparency and accountability in the management and productive use of sovereign debt. In fact, Sri Lankan officials, working with investors and other stakeholders, issued the first-ever governance linked bond in 2024.
At these meetings, IMF and U.S. leadership delivered some of the strongest statements to date on the importance of open and transparent governance in lending. We were heartened to hear the U.S. Treasury Secretary and IMF Managing Director both highlight anticorruption safeguards and the rule of law as necessary components to building resilient economies and attracting private investment. In certain countries where IMF programs have been in the spotlight, we’ve seen some encouraging signs of a serious commitment to reform. In places where there are less well-publicized negotiations, we’ve seen less of that commitment.
Governance is demonstrably critical to economic success. A consistent and robust commitment to publicly diagnosing and addressing governance deficiencies, in addition to addressing debt sustainability, should be the norm, not the exception, in financing negotiations.
We strongly urge the U.S. Treasury Secretary and the U.S. representation to the Fund to actively engage the IMF on these issues and ensure the Secretary’s and Managing Director’s words are not forgotten after the spotlight of the Annual Meetings fades. National, regional and global economic growth and shared prosperity depend on it.
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Transparency International U.S. is part of the world’s largest coalition against corruption. In collaboration with national chapters in more than 100 countries, we are leading the fight to turn our vision of a world free from corruption into reality.
Related Resources
- Read a summary of the Okoa Uchumi Coalition’s The People’s Audit: Reclaiming Kenya’s Fiscal Sovereignty;
- Read Transparency International’s report Public Loans, Private Gains: Addressing Corruption Across the Debt Cycle;
- Read TI US’s factsheet Aligning IMF Policies with U.S. Economic and Strategic Interests.
Media Contact
Annalise Burkhart, Research and Program Associate, Transparency International U.S.
Email: aburkhart@us.transparency.org
Twitter: @TransparencyUSA
