WASHINGTON, June 5: Paul Wolfowitz, the former US deputy secretary of defence, assumed the presidency of the World Bank earlier this week. The nomination of Mr Wolfowitz was unanimously approved by the Bank’s Board of Directors on March 31, following a series of discussions with Board members, as well as with government officials from member countries.

Mr Wolfowitz, a United States national, has held significant government and academic posts, including US Ambassador to Indonesia and Assistant US Secretary of State for East Asian and Pacific Affairs.

He taught at Yale University and was Dean and Professor of International Relations at the Paul H. Nitze School of Advanced International Studies of Johns Hopkins University.

Bank Presidential appointments are for five-year terms. “I want to focus as much as I can on what I would call real-world priorities,” Mr Wolfowitz said, adding that no “organizational makeover” is necessary within the bank itself to ensure its effectiveness in meeting these priorities.