The World Bank has pioneered the concept of "privatization" in developing countries with the aim of creating economic and social sustainability since the 1990s. This study examines privatized universities by focusing on the accountability framework in Bangladesh. Using a multi-method approach (a survey of 1,046 students from all 52 universities in the country and policy documents from 1992-2014), the study reveals that weak macro accountability (specifically, a vague regulatory framework, lack of enforcement, government leniency, and corruption) is a contributing factor in the unsuccessful drive for higher growth of privatized higher education institutions (HEIs). The study also raises a question on the success of the Washington Consensus in a developing country. The findings demonstrate that urgent attention is required from the Bangladesh government and donor agencies (The World Bank, the UNESCO, and the International Monetary Fund [IMF]).