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​​Wolfensohn says World Bank must address 'cancer of corruption' by supporting international efforts, establishing voluntary standards

( October 1, 1996, 22:32 GMT | Official Statement) -- MLex Summary: Corruption is a "cancer" in national countries that is a "major barrier to sound and equitable development," World Bank President James D. Wolfensohn said at the Bank's annual meeting. He said that combatting corruption should be part of a "New Compact" among donors, investors and recipients to ensure donations and investments are used efficiently. "Let me emphasize that the Bank Group will not tolerate corruption in the programs that we support; and we are taking steps to ensure that our own activities continue to meet the highest standards of probity," Wolfensohn said. He said the Bank should establish voluntary standards for anti-corruption works and support international efforts to combat corruption.Excerpt follows from Oct. 1, 1996...

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