New Delhi: Indian government and the International Monetary Fund (IMF) will be hosting “Advancing Asia: Investing for the Future” which will bring together officials, corporate executives, academics and civil society representatives from more than 30 countries covering Asia and the Pacific.
“Advancing Asia provides a forum for Asia-Pacific leaders to discuss a region renowned for its economic successes over the past decades,” said IMF Managing Director Christine Lagarde.
The Advance Asia conference will gather notable leaders from business and civil society, policymakers and academic.
IMF Managing Director today concluded his two days visit to India stating “I am delighted to have return to India these past few days to see first-hand remarkable dynamism of this country.”
“As Asia’s advanced, emerging market and developing economies move to the next stage of success, they face the key challenge of how to maintain and enhance the region’s high growth record while boosting jobs, reducing inequality, accelerating infrastructure and human capital development and implementing other growth-enhancing reforms.
“I am very pleased to cooperate closely with the Government of India on this conference that will explore how the region can meet these policy challenges through investments in the future,” said Lagarde.
The main agenda of the conference will include the most effective drivers of growth, income inequality, demographic change and gender, infrastructure investment, climate change, managing capital flows and financial inclusion.
Prime Minister, Narendra Modi and IMF Managing Director, Lagare will be among the conference keynote speakers.
The conference will be attended by other sector officials, including Indian Finance Minister Arun Jaitley, Asian Development Bank President Takehiko Nakao, Indonesian Finance Minister Bambang Brodjonegoro and Governor of Bank Negara Malaysia Zeti Akhtar Aziz.
Advancing Asia has followed the Asia 21: Leading the Way Forward conference, held in Daenjeon, South Korea in 2010, where the focus was to discuss the region’s role in a global economy recovering from the Global Financial Crisis.
Advancing Asia will soon be held in New Delhi from March 11 to 13, 2016.(IANS)
Corruption costs the world economy $2.6 trillion each year, according to the United Nations, which is marking International Anti-Corruption Day on Sunday.
“Corruption is a serious crime that can undermine social and economic development in all societies. No country, region or community is immune,” the United Nations said.
The cost of $2.6 trillion represents more than 5 percent of global GDP.
The world body said that $1 trillion of the money stolen annually through corruption is in the form of bribes.
Patricia Moreira, the managing director of Transparency International, told VOA that about a quarter of the world’s population has paid a bribe when trying to access a public service over the past year, according to data from the Global Corruption Barometer.
Moreira said it is important to have such a day as International Anti-Corruption Day because it provides “a really tremendous opportunity to focus attention precisely on the challenge that is posed by corruption around the world.”
To mark the day, the United States called on all countries to implement their international anti-corruption commitments including through the U.N. Convention against Corruption.
In a statement Friday, the U.S. State Department said that corruption facilitates crime and terrorism, as well as undermines economic growth, the rule of law and democracy.
“Ultimately, it endangers our national security. That is why, as we look ahead to International Anticorruption Day on Dec. 9, we pledge to continue working with our partners to prevent and combat corruption worldwide,” the statement said.
Moreira said that data about worldwide corruption can make the phenomena understandable but still not necessarily “close to our lives.” For that, we need to hear everyday stories about people impacted by corruption and understand that it “is about our daily lives,” she added.
She said those most impacted by corruption are “the most vulnerable people — so it’s usually women, it’s usually poor people, the most marginalized people in the world.”
The United Nations Development Program notes that in developing countries, funds lost to corruption are estimated at 10 times the amount of official development assistance.
What can be done to fight corruption?
The United Nations designated Dec. 9 as International Anti-Corruption Day in 2003, coinciding with the adoption of the United Nations Convention against Corruption by the U.N. General Assembly.
The purpose of the day is to raise awareness about corruption and put pressure on governments to take action against it.
Tackling the issue
Moreira said to fight corruption effectively it must be tackled from different angles. For example, she said that while it is important to have the right legislation in place to curb corruption, governments must also have mechanisms to enforce that legislation. She said those who engage in corruption must be held accountable.
“Fighting corruption is about providing people with a more sustainable world, with a world where social justice is something more of our reality than what it has been until today,” she said.
Moreira said change must come from a joint effort from governments, public institutions, the private sector and civil society.
The U.S. Statement Department said in its Friday statement that it pledges “to continue working with our partners to prevent and combat corruption worldwide.”
It noted that the United States, through the U.S. Department of State and U.S. Agency for International Development, helps partner nations “build transparent, accountable institutions and strengthen criminal justice systems that hold the corrupt accountable.”
Moreira said that it is important for the world to see that there are results to the fight against corruption.
“Then we are showing the world with specific examples that we can fight against corruption, [that] yes there are results. And if we work together, then it is something not just that we would wish for, but actually something that can be translated into specific results and changes to the world,” she said. (VOA)