Photo Credit: IMF (http://www.worldbank.org/en/programs/youth)
The International Monetary Fund (IMF) emphasized the importance of tackling corruption through its #fightcorruption seminar during the Annual Meeting on Sunday, October 15th. The discussion, led by Sean Hagan, the General Counsel at the IMF, highlighted that combating corruption is a vital component for sustaining economic stability, promoting inclusive growth, and maintaining security in society as well as certainty in the market.
The seminar addressed the diverse impact of corruption through the lens of the IMF and touched on lessons learned from effective efforts to combat illicit behavior.
Corruption is both a moral and an economic problem – in many countries, corruption is a major barrier to poverty reduction. Because corruption infiltrates every sector, it creates macro- and microeconomic ripples that manifest as everything from slow growth of gross domestic product (GDP) to a lack of capital or market access for small and medium-sized enterprises (SMEs). Read More...