IMF launches new policy to declare war on corruption

On April 22, the International Monetary Fund (IMF) announced a new policy aimed at systematically addressing the problem of corruption as well as its implications for economic growth in all societies. All 189 member countries.

In a statement issued after the end of the IMF-World Bank summit, the IMF's chief executive, Christine Lagarde, stated that the new IMF policy would be more stringent and focused on addressing the real issue. Rich countries are contributing to the "picture" of corruption in developing countries by not effectively preventing corruption, money laundering or allowing anonymous company ownership.
The new IMF anti-corruption policy is expected to come into effect from July 1. Under the new policies approved by the IMF board on April 6, the fund will focus on how governance is addressed in the member economies' annual economic assessments.
The IMF will also rely on the findings of external transparency activists to identify illegal financial flows to and from poor countries. Nevertheless, the IMF will not investigate specific cases of corruption, but rather focus on the strength of key economic institutions such as financial and central bank regulation, market regulation , legislation, policies related to money laundering and terrorist financing.
The IMF has identified the problem of corruption and poor governance that is destroying economic growth and exacerbating social inequality under which new IMF policy frameworks are expected to hold all countries. Developers follow the same standards - which the organization recognizes as "not always".
"Corruption is hurting the poor, hindering economic opportunity and social mobility, undermining trust in organizations," said Lagarde, so the IMF will "apply a framework to strengthen our commitment to governance and to monitor corruption, in order to create systematic, fair, effective and frank engagement with member countries. "
IMF analyzes suggest that for a country a 25-fold decrease in corruption indexes could lead to a 0.5 percentage point decline in annual economic growth, leading to massive economic losses. for several years.