Wolfowitz Resigns As W.B Chief

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Washington, May 18 (UNI) World Bank President Paul Wolfowitz has resigned from his post following the controversy of allegedly promoting his girlfriend but will continue in office till June 30.

Mr Wolfowitz, former Deputy Secretary of Defense, made the announcement yesterday.

The White House said the United States would soon announce a new candidate for the post.

Earlier, bank officials had made an announcement of his quitting the office next month. The decision was reached after detailed discussions on whether to fire the 63-year-old President who took charge of the office two years ago.

''He (Wolfowitz) assured us that he acted ethically and in good faith in what he believed were the best interests of the institution and we accept that,'' the board said.

At a joint press conference yesterday with visiting British Prime Minister Tony Blair, US President George W Bush expressed regret over the scandal.

''I admire Paul Wolfowitz. I admire his heart. And, I particularly admired his focus on helping the poor.'' Mr Bush, however, said, ''All I can tell you is I know that Mr Wolfowitz has a interest in what's best for the bank, and just like he's had an interest in what's best for making sure the Bank focused on things that matter: human suffering, the human condition. So I applaud his vision, I respect him a lot, and as I said, I regret this has come to this right now.'' A special panel investigating his conduct has said Mr Wolfowitz violated the terms of his contract and bank rules when he arranged a promotion and pay raise for his girlfriend.

News reports had, earlier, suggested that Mr Wolfowitz had been negotiating with the bank officials, trying to get them to soften misconduct charges in return for his resignation.

According to reports, European officials were very vocal in demanding his resignation, despite US support for the bank chief.