World Bank pledges ‘no regression’ as it weighs accountability overhaul

“No dilution, no regression,” a key World Bank board member vowed, signaling that any overhaul of the institution’s accountability system will preserve existing powers while integrating a new remedial action framework for the bank’s private-sector arm, the International Finance Corporation.

Parameswaran Iyer, executive director representing India on the World Bank’s board, told civil society representatives Thursday that the task force examining possible reforms would prioritize strengthening, not weakening, the bank’s accountability architecture.

“For an ambitious One World Bank Group, you need a state-of-the-art accountability mechanism to underpin it,” said Margaux Day, policy director at the Accountability Counsel, a San Francisco-based advocacy nonprofit focused on supporting communities harmed by internationally financed projects.

“There’s potential for improvement, but efficiency can’t become a weapon to limit effectiveness,” she added.

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