The IMF is coming for receipts from pandemic-related loans, and the numbers aren’t adding up. From misappropriated funds in at least three Latin American countries, to embezzlement in Congo, bns of borrowed USD were mismanaged, Transparency International policy officer for anti-corruption Theo Van der Merwe tells Bloomberg.

While the IMF acted fast in the face of a crisis, many countries were not really prepared for the large influx of funding, leading to an expected “leakage,” according to senior lecturer on international development at the Harvard Kennedy School, Matt Andrews. Most leaders have been held accountable thanks to anti-corruption controls framework the IFC put in place in 2018, Andrews says.

Since the outbreak of the pandemic, the IMF disbursed a total of USD 118 bn in emergency covid-19 loans. The fund has since been doing its due diligence by regularly checking in on borrowing countries through audits and reports.

Omm El Donia has been as good as its word: Despite some pundits flagging concerns that the loans might be misappropriated, the IMF reported that Egypt has made good on its promise to use the USD 8 bn loan in order to “maintain macroeconomic stability” and “alleviate the health and social impact of the pandemic,” citing regularly published information on pandemic-related spending, quarterly procurement plans, and an audit report submitted by Egyptian authorities. The government’s policy measures were supported by the IMF’s USD 2.8 bn rapid financing instrument delivered back in May 2020, and a one-year USD 5.2 bn standby loan approved in June of that year and disbursed over three tranches.