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Bribery by foreign companies threatening poverty reduction efforts – World Bank

If unchecked, corruption poses a threat to reducing poverty and supporting shared prosperity, the World Bank has said in a paper titled ‘Working in partnership is key to fighting corruption’ released on Wednesday, September 23, 2020.

The Bretton Woods institution said corruption has long been recognized as a major impediment to development.

From massive theft of state assets to the low-level corruption that erodes productivity and weakens service delivery, corruption steals from the poor and erodes progress, it said.

“Corruption takes many forms. It is the foreign company that pays kickbacks or bribes to get preferential treatment, leaving poor countries with devalued goods or services.

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CWatch reflections: Non-performing and corrupt contractors need to be blacklisted.

Imagine this, if you will. A company is given taxpayers’ money to construct a hospital, which should provide healthcare services; or a road for your safe travel; or a school for the training of our children. What happens next? The company either fails to deliver or does a substandard job. Your response I guess will be that they should be sanctioned. Isn’t it? But guess what, the company gets away with it.

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