World Bank on Corruption

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Corruption has become an obstacle in world bank’s goal of eliminating poverty by bringing about development in the poor nations. The poor countries are the ones that are most affected because of corruption. The access to the services like health care, education justice etc is reduced and on the other hand there is a huge increase in the costs. Corruption boycotts the poor from getting an equal opportunity in life. It hinders the government’s plan of making investments in the human capital. Social contract gets undermined due to corruption.

According to the world bank, corruption has different forms. At affects the service delivery, laws, finances, banks, businesses etc. corruption in all these different sectors is considered important and is important to tackle it to bring a positive change in the society.

According to professor Dr. Petrus Van Duyne “corruption is an improbity or decay in the decision making procedure where a decision maker agrees to go amiss or requests deviation from the rule which should govern his/her decision, in return for a prize or for the guarantee or desire for a prize, while these intentions impacting his/her dynamic can’t be a part of the defense of the choice.”

A large-scale corruption which involves multiple culprits and a huge sum of money has a big impact on the system. Places where high and modern technology is used, corruption is bound to exist as no one has a clear understanding or knowledge of the technology. In many countries’ corruption is associated with conspiracies. Such conspiracies always involve the powerful people in the country who hinder the development process.

World bank has been contributing on a large scale to reduce the corruption in its client countries. The bank provides its help in building transparent and capable institutions and build anti-corruption framework with the use of modern technology. The bank strives in building and implementing competent policies for strengthening public integrity. The world bank inspects all its projects closely and aims at reducing the identified corruption activities.

The bank closely monitors all the firms and companies in its client countries and puts sanctions on corrupt firms and companies. The bank creates an ecosystem for its client countries to curb corruption. This ecosystem includes a framework for assessing the potential risks and also addressing the weak points of the country’s framework for fighting corruption. World bank has its strong norms and standards to maintain the integrity and strengthen the financial security. World bank group also tackles the powerful people who use the public fund in a wrong way and misuse the public services.