WASHINGTON, May 18: Paul Wolfowitz has agreed to resign as president of the World Bank following allegations that he gave his girlfriend a big pay raise, the bank announced on Friday.
“The executive directors accept Mr Wolfowitz’s decision to resign as president of the World Bank Group, effective end of the fiscal year (June 30, 2007),” said the announcement.
The bank’s board of directors would start the nomination process for a new president immediately, the bank said.
The White House has made it clear that President George Bush will choose the next World Bank president but his selection must be approved by the World Bank’s board.
