Treasury official says withdrawing the US from the IMF and World Bank would be a 'step backward'

FILE - The World Bank building is pictured in Washington, April 5, 2021. (AP Photo/Andrew Harnik, File)

WASHINGTON (AP) — Withdrawing the United States from the IMF and World Bank would be “a step backward,†a top U.S. Treasury official said Friday, defending the organizations before a presidential election that could cast uncertainty about America's future in them.

In advance of the institutions' annual meetings this month, Jay Shambaugh, the undersecretary for international affairs, alluded to a proposal for the U.S. to pull out of the IMF and World Bank if Donald Trump wins.

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