 Bismillahir Rahmanir Raheem and Aslanikum everyone. Welcome back to corporate governance. We are elaborating upon corruption and we are on the third part which is basically going to look at the different institutions such as OECD and the World Bank. OECD everyone knows stands for the Organization for Economic Cooperation and Development basically a comedy of about 30 developed countries which are striving for a better world. And what we see is that corruption tends to threaten good governance, sustainable economic development, democratic process and fair business practices. OECD's multi-disciplinary approach addresses corruption in business, in taxation, in development aid and in governance in member countries. So, we basically see that OECD has multiple hats and is trying to combat corruption through a very systemic and very scientific approach. And through a participatory approach is encapsulating most countries around the world and is sharing whatever knowledge and whatever skill set it has related to anti-corruption and accountability. OECD has set and it promotes international anti-corruption principles to combat the supply side of bribery, preventing bribery through export credits and denying tax to the property of drive. So, again we see that it is a very scientific approach and again they are very specialized in basically curbing corruption in those areas where usually underdeveloped countries national governments cannot make an impact in that particular area. But OECD has definitely many oculates and based upon them they are trying to curb corruption at a multiple level. Promoting responsible business conduct, preventing corruption in the public sector and improving governance through development systems. So, again it tends to interface more with the public sector, but is also overlooking the private sector and the social sector. On the other hand, when we talk about the World Bank then corruption leads governments to intervene where they need not. It undermines governments ability to enact and implement policies where intervention is clearly needed. The areas of intervention basically of the World Bank include environmental regulation, health and safety regulation, social safety nets and macroeconomic stabilization. So, what we see is that in a country like Pakistan the World Bank has a major stake because they are providing loans, they are providing soft loans. But in return of those loans then we see that all of these areas have to be calibrated according to the research and according to the demands of the World Bank because they are giving soft loans to Pakistan and therefore they want to ensure that those soft loans can be returned and those soft loans are not also not wasted in corruption. So, they cover usually these different areas. The causes of corruption are always contextual and rooted in a country's policies and culture, dysfunctional government budgets, inadequate supplies and equipment, delays and release of budget funds, loss of organization purpose and use of public office privately. So, all of these things are very unfortunate and are a part of corruption and World Bank tends to oversee how all of this can be curbed especially corruption in the public sector. The opportunity for corruption is a function of the size of the rents under public officials control and the discretion that official has in allocating those particular funds. So, what we see is that a lot of corruption emanates from the public sector and in that what we see is the amount of allocated funds with the official and then the fund which has spent and usually what we see is that we have a 2-tier corrupt system whereby first on allocation there would be some corrupt practice involved and then later on during its disbursement we also see that corruption is taking place. The accountability that official faces for his or her decisions where corruption is systemic the formal rules remain in place but they are superseded by informal rules which again tend to unfortunately promote institutional corruption. There is a great need to curb all of this institutional corruption from the highest levels in Pakistan down to the lowest level otherwise we would not be able to progress and develop in the right particular way. Economic research by World Bank decrees that corruption may not distort the short-term efficiency of an economy if it merely entails a transfer of economic grants from a private party to a government official. So, usually it does not have a huge impact if it is merely intending transfer of economic grants but otherwise there are huge impacts and there is a great need to curb this particular curse of corruption and bring about transparency and accountability as a way of life. Bribes can theoretically increase economic efficiency if they allow firms to avoid overly restrictive regulations or confiscated tax rates and weak public institutions also can lead to a slow growth and reduce private investment which is something which is extremely adverse and has a very negative impact on the economy also on individuals also on institutions and also on community at the large but overall we see that the World Bank and the organization for economic operation development are working in tandem and are also working with the other international financial institutions like Asian Development like GIZ, like DFID and many others to ensure that the world can become more transparent, more accountable, less corrupt and there can be more equity within the economy for everyone at large so that the globe can prosper on a more equitable level. Thank you so much.