US Report Criticises WB Corruption Controls

14 June 2000

In April the US General Accounting Office has produced a report on the World Bank’s anti-corruption strategy. The GAO concluded that the Bank does not have reasonable assurance that “project funds are spent as intended”. Weaknesses lie in the areas of risk assessment, supervision, and monitoring.

Although the Bank has new oversight committees and staff to monitor operations and borrower procurement and financial management practices, supervising loan disbursement remains a low priority.