The Covid-19 pandemic underpins the need to deal with the problem of corruption, which the International Monetary Fund warns may hamper the response of governments to the global crisis and deepen its economic impact on struggling nations.
Governments around the world are playing a central role in the economy, providing financial lifelines to people and firms. The expanded role is crucial, however, it has increased opportunities for corruption, three senior IMF officials said in a joint blog post.
For funds and benefits of fiscal measures to reach the people who need it most, governments must implement transparent reporting and audit and accountability procedures, they said.
“During this crisis the IMF has not taken its eye off the ball of our governance and anticorruption work,” the fund's fiscal affairs department director Vitor Gaspar; its strategy, policy, and review department director Martin Mühleisen and general counsel Rhoda Weeks-Brown, wrote.
“Our message to all governments has been clear: spend whatever you need but keep the receipts, because we don’t want accountability to be lost in the process.”
The IMF has significantly increased its focus on governance and corruption over the last few years. Governance safeguards for the pandemic-related assistance are part of the Washington-based lender’s effort to improve its member countries’ efforts to tackle corruption.
“We speak more candidly and in-depth about governance issues with countries,” they wrote.
Covid-19 has killed more than 654,000 people worldwide and infected about 16.5 million others, according to Johns Hopkins University, which is tracking the pandemic. The world economy is facing its deepest recession since the Great Depression and is set to shrink 4.9 per cent this year before making a sluggish recovery in 2021, according to IMF projections.
The fund expects the world economy to lose more than $12 trillion (Dh44.1tn) in GDP this year and next. Two thirds of governments have already pumped about $11tn into their economies to support businesses and protect jobs. However, most emerging and developing nations are still struggling to revive growth.
The IMF and the World Bank are providing credit facilities and grants to help the poorest nations to strengthen their health infrastructure and deal with the economic fallout from the pandemic. As of mid-July, 72 countries had received financial assistance from the IMF’s emergency financing instruments.
Last week, the fund temporarily increased the amount of financing member countries can request in a year and removed caps on the number of funding disbursements poor countries can secure. The rise in annual limits on access to resources in its General Resources Account and the Poverty Reduction and Growth Trust, came as an “unprecedented number of member countries" sought financial support, it said at the time.
Although the fund has provided “quick disbursements to meet urgent needs”, enhanced governance measures to track Covid-19-related spending have been part of the emergency financing for countries, according to the blog post.
Borrowing members have committed to publish independent ex-post audits of crisis-related spending details of procurement contracts on the government’s website, including identifying the companies and their beneficiaries receiving the contract.
“Curbing corruption requires government ownership of reforms, international cooperation and a joint effort with civil society and the private sector," the fund's officials said. "It also involves political will and the assiduous implementation of reforms over months and years.”
“This crisis will sharpen our focus on governance in the years ahead because of the pandemic’s devastating effects and costs for people and economies. If ever there was a time for anticorruption reforms, it is now.”
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
RoboCop%3A%20Rogue%20City
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
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Correspondents
By Tim Murphy
(Grove Press)
ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
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%3Cp%3EDirector%3A%20Jared%20Stern%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dwayne%20Johnson%2C%20Kevin%20Hart%2C%20John%20Krasinski%2C%20Keanu%20Reeves%2C%20Olivia%20Wilde%2C%20Kate%20McKinnon%2C%20Jameela%20Jamil%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
