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Santiago, Chile

The loan will support the government’s programme of measures to strengthen anti-corruption efforts and enhance transparency following several high-profile cases of corruption in recent years. These have revealed “an improper relationship between money and politics” and undermine citizen trust, the bank said.  

The government has formulated a set of reforms, backed by the IDB, to enhance the legal and institutional framework of integrity and transparency. This includes declaration of interests and assets, preventing and sanctioning conflicts of interest and the administration of elections.

Further measures will work to strengthen public tender and procurement procedures, beef up a regulatory body dealing with securities and insurance and implement citizen awareness training programmes to promote civic values in schools.

Elsewhere in Latin America & the Caribbean, the Caribbean Development Bank has approved $50m of loans to stabilise the financial sector, encourage fiscal reforms and promote good governance in Antigua and Barbuda.

The two-island country continues to face significant fiscal problems, including high levels of public debt, making it difficult for the country to access funds through international financial markets.

The reforms aim to work towards increasing fiscal and debt sustainability, increase credibility and achieve a debt-to-GDP ratio of 60% by 2030.