The world economy because of corruption loses trillions of dollars – IMF

Losses of world economy from corruption each year ranged from 1.5 to 2 trillion dollars, or 2% of GDP.

This is stated in the statement of the head of the International monetary Fund, Christine Lagarde, RBC.

According to her, it is only the “tip of the iceberg” and “long-term implications go much deeper.” Lagarde noted that the IMF was “not shocked” by such amounts.

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21 Jul, 09:21

“We know that corruption is a problem and we try to do with it”, — said the Director of the IMF. She offers to fight corruption, based on the principles of “transparency”.

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Lagarde as illustrations cited an example of when the government spends taxpayers ‘ money on glamorous but unnecessary new Convention center, the hidden object the acquisition of which is to generate kickbacks.

She added that the funds initially allocated for education or health and subsequently redirected to other purposes, reinforce inequality and limit the possibility of better pay, and a chance for a better life for citizens.

“Because this type of corruption becomes institutionalized, distrust of government grows and poisons the ability of the nation to attract foreign direct investment,” Lagarde added.

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It should be noted that the amount that the world economy loses annually because of corruption in the public sector, according to the IMF, remained unchanged from may 2016.

Recall, the National anti-corruption Bureau and the Special anti-corruption Prosecutor’s office helped reimburse about 70 million UAH “State food grain Corporation”. Overall, according to preliminary estimates, from corruption schemes in the agricultural sector, which is exposed to the NEB, the state lost more than 2 billion UAH.