By Adesoba Toluwalope
The Managing Director, International Monetary Fund (IMF), Ms Kristalina Georgieva, says corruption corrodes trust in government and weakens the impact of public spending and policies.
The IMF Director stated this on Tuesday, December 1, 2020, at the 19th International Anti-Corruption Conference (IACC) in South Korea with the themed: “Designing 2030: Truth, Trust & Transparency” aimed at the fight against corruption, one of the most important issues of the post-pandemic world.
Georgieva said the world is at a point where recommended health and containment measures might not be attended to if the people do not trust the government.
She quoted Former World Bank Group President, James Wolfensohn, who said, “Corruption diverts resources from the poor to the rich, increases the cost of running businesses, distorts the public expenditure, and deters foreign investors.
“It erodes the constituency for aid programmes and humanitarian relief. And we all know that it is a major barrier to sound and equitable development,” she said.
Georgieva said it is important to focus on the corruption now in the midst of the crisis.
She added that in the IMF’s regular policy consultations with all members, it had recommended that attention should be paid to accountability and transparency of exceptional measures undertaken during the crisis.
“This matters tremendously to everyone, but it is especially important to the most vulnerable people in societies.
“We know the poorest and most vulnerable people that are at the highest risk from the pandemic and the economic consequences of the pandemic.
“And we know that among low-income countries, the share of the budget dedicated to education and health is one-third lower in highly corrupt countries.
“Corruption keeps children out of school, and it stops people who are sick getting the treatment they need,” he said.
The Managing Director said most of the work pertaining to corruption was undertaken through the 2018 Framework for Enhanced Fund Engagement on Governance. The fund helps members strengthen anti-corruption efforts in six key areas, according to Georgieva.
The Conference which began on Monday, November 30, will end on Saturday, December 5, 2020, according to the News Agency of Nigeria (NAN).
