IMF Unveils New Corruption Policy For Member States

International Monetary Fund has launched a new framework that aims to tackle corruption as well as its impact on the economic growth.

The new policy was launched on Sunday and will be focusing on tackling the menace in developing nations of the world.

The IMF said it will prevent bribery and money laundering or by allowing anonymous corporate ownership.

IMF Managing Director Christine Lagarde said in a statement that, “We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel.

“We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries.”

In addition, she noted that corruption and bad governance halts economic growth and exacerbate inequality but with the new policy framework,  the institution will hold all members to the same standards.

The revised good governance guidelines, which take effect on July 1, follow a recent review of the IMF’s 20-year-old policy framework which concluded the fund had sometimes employed euphemisms when discussing corruption in member states — leaving local officials unclear about IMF concerns.





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