ABSTRACT
The International Monetary Fund (IMF) has defined governance as a concept which ‘encompasses all aspects of the way a country is governed, including its economic policies and regulatory framework’. On this basis, governance should be distinguished from the narrower concept of corruption, namely, ‘the abuse of public authority or trust for private benefit’ (IMF 2003a: 1). While the ‘Purposes’ of the IMF specified in Article 1 of its Articles of Agreement do not actually mention ‘governance’, let alone good governance, the IMF has maintained that it has always sought to promote good governance from its very inception. Its role has been to promote international monetary cooperation, facilitate the expansion and balanced growth of international trade, and promote exchange stability through shortening the duration and lessening ‘the degree of disequilibrium in the international balances of payments of members’ (IMF 2004a: 1).
