Transparency Launches IMF Covid-19 Anti-Corruption Tracker

Managing Director of International Monetary Fund (IMF) Kristalina Georgieva. Photo: IMF
Managing Director of International Monetary Fund (IMF) Kristalina Georgieva. Photo: IMF

In response to the Covid-19 pandemic, the International Monetary Fund (IMF) is providing funds to support countries with their economic recovery.

Yet, according to global anti-corruption organization Transparency International, countries will not succeed in their recovery efforts, if they don’t also tackle corruption.

Transparency says it has analyzed all countries currently receiving Covid-19 financial assistance and debt relief from the IMF to see which funds include specific anti-corruption measures and which don’t.

In order to monitor the distribution of IMF funds and the anti-corruption measures in different countries, Transparency has launched IMF Covid-19 Anti-Corruption Tracker.

“We need to ensure critical funds reach the people who need them most. With US$1 trillion dollars in lending capacity and so many lives at stake, it’s more important than ever for the IMF to ensure that corruption doesn’t cost any additional lives,” Transparency said.

The IMF’s response to Covid- 19 has shown that it is feasible to include specific governance and anti-corruption safeguards in emergency loan agreements. Transparency suggests that the IMF should extend these measures to all countries by integrating the governance safeguards into its 2011 policy.

In the wake of the Covid-19 pandemic, the IMF says it maintains its commitment to address governance and corruption vulnerabilities in member countries. The IMF adds that it is working to balance the need for immediate Covid-19 financing against appropriate accountability and transparency to ensure that financial help reaches those in need.

In a recent interview with Transparency International, Kristalina Georgieva, Managing Director of the IMF said that during the Covid crisis, the IMF has consistently emphasized the importance of improving governance and accountability.

“Our message to governments has been very clear: in this time of crisis, please spend whatever is needed. But spend wisely and keep your receipts. We don’t want accountability to be lost,” she said.

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Rakesh Raman