WB: Energy producers need help against graft

World Bank chief Robert Zoellick said that developing countries that are presently reaping the benefits of rising energy prices should make sure that the extra revenue does not become the source of corruption. “Some poor countries are energy producers and so they may benefit but … we need to try to work with them so that they capture these benefits in … a transparent way that builds local capacity so as not to feed corruption and future governance problems,” he said. Commodities are now priced at an all-time high, while food costs are rising as quickly. While this has spelled strong economic growth in some developing countries, it has also paved the way for graft and corruption in sub-Saharan Africa, where several states have been robbed of development funds. (Source: Energy producers need anti-graft help -World Bank/Reuters)

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