“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.
“Those key principles of no dilution, no regression — they are at the heart of this,” Iyer said during a panel session during the World Bank-International Monetary Fund annual meetings in Washington last week.