Today I hope we will be able to discuss some of the building blocks necessary to achieving good governance and we would like to focus on three in particular. Number is controlling corruption. Hopefully elimination correction. Number two is improving administration of government and number three is strengthening the rule of law. A brief comment on each of these building blocks.
Corruption is a universal problem.
It exists in all countries, developed and developing. No one is immune from it, including my own country but countries are not rich pay a higher price for corruption. Politically it undermines the credibility and legitimacy of governments and economically it distorts the allocation of public resources and it also discourages private investment. I was in the private sector for many years and a country where there is systemic corruption is and continues to be a major disincentive to attracting foreign investment. The social costs of corruption are clear if you look at the high correlation rates between corruption and poverty and between corruption and human rights abuses.