Since that time we have come a long, long way. Last year in my annual meetings speech, I spoke of the cancer of corruption - the first time a World Bank president had mentioned the word. This year in Hong Kong, corruption was a central issue. Because we know that corruption is detrimental to development. My bottom line on corruption is simple.
Corruption impedes growth and investment and penalizes the poor.
If a government is unwilling to take action despite the fact that the country s development objectives are undermined by corruption, then the Bank Group must curtail its level of support to that country. We have already done so in the case of one country. And I have no doubt that we will do so again in the case of others. But it is not enough to focus only on the corruptees. We also need to focus on the corruptors - however painful and close to home it may be for some of us.