Wanted: Transparency & Accountability in Pandemic-Related Spending

beneficial ownership

of contracting companies is a measure that aims to deter corruption, including by facilitating the detection of potential conflicts-of-interest involving public officials. It requires bidding companies to provide the names of the people with effective control over a company, that is the “beneficial owners”. This information is provided to the procurement agency, which must publish it.

Implementation of this innovative practice has proven challenging in some cases, with only half of the countries (including Benin, Ecuador, Jordan, Malawi, and Moldova) having implemented this commitment or made substantial progress toward it.

However, such commitments made in the context of IMF financing during the pandemic have helped spur some countries, such as Kenya and the Kyrgyz Republic, to adopt this reform on a permanent basis. That is, beyond just pandemic-related spending.