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In 2004 the Senate Foreign Relations Committee held a path breaking series of hearings on "Combating Corruption in the Multilateral Development Banks" in which I testified twice as well as submitted recommendations for legislation, which was introduced and signed into law in 2005.
This testimony examines the institutional issues concerning massive corruption in World Bank lending over the past thirteen years through 2004, as documented in internal World Bank memoranda and reports. Based on this record, we question the adequacy of current World Bank efforts to address major managent and institutional problems conducive to corruption.
My testimony concerned the Asian Development Bank, subsequently the discussion with Senator Lugar also dealt with the World Bank and other multilateral development banks, especially the African Development Bank.
As a follow-up to the three hearings held by the Committee on corruption in the MDBs on May 13, July 21, and September 28, 2004, Chairman Lugar has asked us to provide three recommendations to enhance transparency and accountability in the MDBs in order to reduce corruption in their operations.