With reports of spending by some countries on materiel linked to their responses to the COVID-19 pandemic already tainted by irregularities, including major fraud, the International Monetary Fund (IMF) is seeking the implementation of measures by countries to offset what it describes as risks of diluted accountability and weakened fiscal control in the context of the pandemic.
Recognizing that circumstances of national crisis frequently create opportunities for fiscal irregularities and not infrequently, widespread corruption, the Fund is seeking full disclosure on procurement tenders and contracts as well as disclosure on “the beneficial ownership of firms awarded procurement contracts. Fiscal transparency also requires controlling and tracking the implementation of COVID-related policy measures using international standards,” the IMF stated in a briefing paper prepared in August by independent experts.
The Fund wants governments to “disclose the existence of COVID-19 funds on their websites and describe their key characteristics, including their legal mandate, objectives and policy rationale, sources of revenue, governance and management arrangements, and operating rules and procedures.”
