U.S. Treasury official Jay Shambaugh says withdrawing the U.S. from the IMF and World Bank would be “a step backward."

Shambaugh, who oversees the dominant U.S. shareholdings in the IMF and World Bank, said he hoped that the institutions could make progress at their annual meetings later this month in developing new mechanisms and program design changes that meet the needs ...

The U.S. Treasury's top economic diplomat on Friday called on the International Monetary Fund and multilateral development banks to work on new ways to provide short-term liquidity support to low- and middle-income countries to head off debt crises.