World Bank Armenia Corruption – The effects

For the past several months, ‘Blowing the World Bank Whistle’ has been supported by the Armenian and international media in documenting how the World Bank and its sister institution, the International Monetary Fund, have absolutely no defense for how they have been driving major corruption escalation in Armenia since the turn of the century.

Representatives of the International Financial Institutions (IFI’s), who have been in Armenia for more than fifteen years, introducing and overseeing state-of-the-art governance and accountability, have been helping Government cronies cheat the people of Armenia out of hundreds of millions of dollars each year, using a wide variety of intriguing finance mechanisms. The same IFI representatives report how the Armenian economy continues to boom, when they know the Foreign Direct Investment (FDI) has simply been the illegal transfer of state properties to corrupt state officials, and the construction boom, also apparently by foreign investors, is the same small circle of corrupt state cronies laundering their ill-gotten gains.

full article here

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