Final answer:
Corruption, the abuse of power for personal gain, impedes economic development in Nepal through various causes such as lack of transparency and political instability. It is a social crime affecting fair resource distribution and governance.
Step-by-step explanation:
Corruption refers to the abuse of power for personal gain, and it can occur in various forms including bribery, embezzlement, nepotism, and more. In Nepal, major causes of corruption include a lack of transparency, insufficient legal frameworks, political instability, and low-paying government jobs which can lead to bribery as a supplemental income.
Corruption is considered a social crime because it undermines democratic institutions, slows down economic development, and contributes to government instability. It creates an unfair environment where resources and opportunities are not distributed based on merit but rather on favoritism and personal connections.
Corruption by a government can prevent economic development by creating an inefficient allocation of resources, discouraging foreign and domestic investment, and inflating government expenditures. This further leads to reduced trust from citizens and international partners.
The International Monetary Fund (IMF) is an organization of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, and reduce poverty around the world. It provides policy advice and financing to member countries in economic difficulties and also works to strengthen the global economy.