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Govts need to tackle global problem of corruption, says IMF

Report pegs the annual cost of bribery at US$1.5t to US$2t; economic and social costs could be higher

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IMF head Christine Lagarde says corruption undermines trust in government and erodes private citizens' ethical standards.

Tokyo

THE cancer of public corruption is eating away at confidence in government and also at global economic growth, the International Monetary Fund (IMF) said in a hard-hitting report on Wednesday.

Highlighting what it said is a growing problem internationally, it said that "abuse