Wolfowitz quits World Bank; US in search of successor
18 May 2007
Mumbai: Paul Wolfowitz quit as World Bank president less than halfway through his five-year term amid a furor over an out-of-the-way pay raise for his companion Shaha Riza.
But the US moved quickly to maintain its control over the choice of a successor as the former deputy defence secretary put in his papers on May17, after the White House bowed to pressure for his ouster from European governments.
Treasury
secretary Henry Paulson said he would swiftly identify
a replacement to head the world''s largest development
agency.
Wolfowitz''s departure comes as the bank gears up to raise
$28 billion it says it needs over the next three years
to build schools, clinics and roads in the world''s poorest
countries.
Paulson said he would consult with friendly overseas governments as he picks candidates to be considered by President George W. Bush.
The US has always picked the bank president, while the head of the International Monetary Fund is a European choice.
Possible successors include Robert Zoellick, the former US trade representative who is now a Goldman Sachs Group Inc. executive; Allan Hubbard, director of the White House National Economic Council; and even Paulson himself, say bank watchers. Riza, a communications officer at the bank, was, meanwhile, transferred to the state department in compliance with rules forbidding one partner from answering to another. She remained on the bank payroll.