corruption

IMF unveils new corruption policy

MNA Business Desk: The International Monetary Fund (IMF) will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday.

The new policy also tackles how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership.

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

Poor governance sap economic growth and exacerbate inequality, according to the IMF, and the new policy framework ensures the institutions will hold all members to the same standards — something it had not always done, reported news agency.

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