The International Monetary Fund (IMF) has recently unveiled a new anti-corruption framework that includes language related to increasing cooperation and engagement with countries on corruption and governance issues. The IMF has stated that the purpose of the new framework is to ensure that corruption is handled “systematically, effectively, candidly, and in a manner that respects uniformity of treatment.”
This IMF Framework consists of four elements:
- The first element is designed to assist the IMF in assessing the nature and severity of a government’s vulnerabilities including corruption.
- The second element is meant to help the IMF to better assess the macroeconomic ramifications of government vulnerabilities while considering relevant standards for the use of IMF resources.
- The third element provides a framework for giving policy advice and capacity development support to members where the IMF’s engagement is warranted.
- The fourth element focuses on measures that are designed to prevent private actors from offering bribes or providing services that help conceal the proceeds of corruption.
The IMFs new Framework commits the IMF to doing a basic assessment of the corruption and governance risks in all its member countries. These assessments will be a useful resource especially in countries where the corruption risk is not assessed as severe. This revised version of its old framework demonstrates the IMF’s commitment to the international struggle against corruption.
Read the IMF press release here.