Addressing Corruption-Openly

Corruption afflicts countries at all stages of economic development. Indeed, some developing countries score better on corruption indices than many advanced countries. A recently updated estimate indicates that $1.5 trillion to $2 trillion (or around 2% of global Gross Domestic Product [GDP]) bribes paid annually in both developing and developed countries. Given the potential impact of corruption on macroeconomic stability and sustainable economic growth, IMF has been actively engaged in helping its members to design and implement the anti-corruption strategies. In this essay, Ms Christine Lagarde the Managing Director of IMF has expounded per se IMF’s perspective on the economic impacts of corruption and has enriched IMF’s experiences in helping countries to design and implement the exigent strategies to address the heinous phenomenon of corruption, Ipso facto.