How IMF Plans to Tackle Corruption in the Public Sector

IMF Anti-Corruption Challenge. Photo: IMF
IMF Anti-Corruption Challenge. Photo: IMF

The IMF (International Monetary Fund) has received a slew of proposals in response to its Anti-Corruption Challenge that invited country authorities, civil society organizations, and staff from the IMF and other International Financial Institutions (IFIs) to collaborate and submit solutions to the challenge.

The focus of the challenge: How might we promote good governance and tackle corruption in the public sector to promote transparency and influence behavioral change?

According to IMF managing director Kristalina Georgieva, the cost of bribery is estimated at $1.5-2 trillion per year, roughly 2% of global GDP. “As the IMF focuses on good governance, I invite you to join the IMF Anti-Corruption Challenge to find innovative solutions to tackle corruption,” she said.

The challenge was launched on October 18, 2019 during the 2019 IMF / World Bank Annual Meetings in Washington D.C. The challenge allows further global collaboration around these key topics below:

1. Enhancing Governance in Public Finance: The Role of Data and Technology;

2. Promoting Good Governance in Central Banks: The Role of Non-Executive Directors;

3. Tackling Corruption: Financial Disclosure Systems for Public Officials;

4. Fighting Money Laundering: The Use of Data for Financial Intelligence;

5. Improving the understanding of Risks of Corruption;

6. Other solutions including the use of open/big data in enhancing governance and fighting corruption.

Proposal submission and evaluation follows a stepwise process.

Step one, the challenge was launched during the 2019 Annual Meetings.

Step two, submissions are shortlisted, and promoted to staff to encourage match-making. In this phase, staff will have the option to join project submissions they find of special relevance for their work at the Fund.

Step three, finalists are chosen to join a Bootcamp and Pitch Event (planned to take place during Spring Meetings 2020).

The top three pitches will be provided seed funding and project support by iLab and sponsors, and will be accepted into the iLab accelerator program.

On completion of the accelerator projects, project teams will deliver a working proof of concept, final presentation, report as well as project deliverables including code and documentation via open source.

During January 1-31, 2020, the submissions to the challenge will be shortlisted while the staff of the IMF and World Bank will join the project teams. The selection of the finalists will be done by February 2020.

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Rakesh Raman