Why IMF is fighting corruption- Lagarde

The International Monetary Fund (IMF) is joining the fight against corruption because the vice undermines the ability of states to deliver inclusive growth and lift people out of poverty, its Managing Director, Christine Lagarde, has said.

Ms. Lagarde, who spoke in Washington, DC, at an event entitled, ‘Addressing corruption with clarity,’ and hosted by Brookings Institution, the International Finance Corporation (IFC), and the Partnership for Transparency Fund and Frank, said corruption is a corrosive force that weakens the vitality of business and stunts a country’s economic potential.

She added that the IMF has been asked to do more on anti-corruption urgently because there is an agreement, or a growing consensus among “our members that corruption is a macro-critical issue in many countries.” In terms of cost, the IMF chief said: “The annual cost of bribery, just one subset of corruption, is estimated to be between $1.5 trillion to $2 trillion.”

Photo Caption: IMF Managing Director, Christine Lagarde