The International Monetary Fund (IMF) declared in 1996 that "promoting good governance in all its aspects, including by ensuring the rule of law, improving the efficiency and accountability of the public sector, and tackling corruption, as essential elements of a framework within which economies can prosper."[8] The IMF feels that corruption within economies is caused by the ineffective governance of the economy, either too much regulation or too little regulation.[8] To receive loans from the IMF, countries must have certain good governance policies, as determined by the IMF, in place