In this article, the IMF experts will explain how international economic recession caused by the COVID-19 pandemic, has influenced implementation of a stricter anti-corruption policy.
The IMF did not ignore anti-corruption efforts during coronavirus pandemic, and highly recommended to bear all costs required to satisfy all immediate needs in the current setting of containing the COVID-19, provided that the countries shall keep and record appropriate expenditure certificates. In this regard, according to the IMF requirements, all countries that had applied to the IMF for financial aid to take measures to contain the COVID-19 and remedy its impact, assumed obligations to carry out independent audits and publish the results and respective purchase contracts with specification of companies, beneficiaries, etc.
Effective anti-corruption efforts require proper state responsibility for reforms gradually introduced over several years, international cooperation, cooperation between the government, citizens and private sector, and national will of the countries. Devastating pandemic impact demanding substantial costs, provides for paramount necessity in anti-corruption reforms and outlines significance of adequate and reasonable governance in general.
For more information about construction as a sector with a sizeable share in many economies, rising level of digitalization, and shifts in consumer sentiment in real estate, please see the COVID-19, Supervision and controls, Legal regulation and StayHomeEconomy.