Wolfensohn Cancer of Corruption Speech

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00:11 If the new compact is to succeed,

00:13 we must tackle the issue of economic

00:15 and financial efficiency.

00:18 We also need to address transparency,

00:21 accountability,

00:22 and institutional capacity.

00:25 And let's not mince words.

00:28 We need to deal with the cancer of corruption.

00:31 In country after country it is the people.

00:35 who are demanding action on this issue.

00:38 They know that corruption diverts resources from the poor to the rich.

00:42 Increases the cost of running businesses,

00:45 distorts public expenditures,

00:47 and deters foreign investors.

00:50 They also know that it erodes the

00:52 constituency for aid programs and humanitarian relief.

00:56 And we all know that it is a major barrier to sound and equitable development.

01:02 Corruption is a problem that all countries have to confront.

01:06 Solutions,

01:07 however,

01:07 can only be homegrown.

01:09 National leaders need to take a stand.

01:12 Civil society plays a key role as well.

01:16 Working with our partners,

01:17 the Bank Group will help

01:19 any of our member countries

01:21 to implement national programs that discourage corrupt practices.

01:25 And we will support international efforts

01:28 to fight corruption

01:29 and to establish voluntary standards of behavior

01:32 for corporations and for investors in the industrialized world.

01:37 We at the,

01:39 at the World Bank.

01:41 Cannot intervene in the internal political affairs of our member countries.

01:45 But we can give advice,

01:47 encouragement and support

01:49 to governments who wish to fight corruption.

01:52 And it is these governments that will over time.

01:55 Attract the larger volume of investment.

01:59 Let me emphasize that the bank will not tolerate corruption.

02:02 In programs that we support.

02:05 And we're taking steps to ensure

02:07 that our own activities continue to meet the highest standards of probity.

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transcript

If the new compact is to succeed, we must tackle the issue of economic and financial efficiency. We also need to address transparency, accountability, and institutional capacity. And let's not mince words. We need to deal with the cancer of corruption. In country after country it is the people. who are demanding action on this issue. They know that corruption diverts resources from the poor to the rich. Increases the cost of running businesses, distorts public expenditures, and deters foreign investors. They also know that it erodes the constituency for aid programs and humanitarian relief. And we all know that it is a major barrier to sound and equitable development. Corruption is a problem that all countries have to confront. Solutions, however, can only be homegrown. National leaders need to take a stand. Civil society plays a key role as well. Working with our partners, the Bank Group will help any of our member countries to implement national programs that discourage corrupt practices. And we will support international efforts to fight corruption and to establish voluntary standards of behavior for corporations and for investors in the industrialized world. We at the, at the World Bank. Cannot intervene in the internal political affairs of our member countries. But we can give advice, encouragement and support to governments who wish to fight corruption. And it is these governments that will over time. Attract the larger volume of investment. Let me emphasize that the bank will not tolerate corruption. In programs that we support. And we're taking steps to ensure that our own activities continue to meet the highest standards of probity.

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Wolfensohn Materials

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