Wolfowitz vows to stay amid corruption allegations

World Bank President, Paul Wolfowitz, has said he intends to remain in office despite harsh criticism over a high-paying promotion he approved for a close female friend.

The announcement follows a statement by the World Bank's steering committee, which expressed “great concern”, but did not demand Wolfowitz's resignation.

Wolfowitz said he wouldn't stand in the way of an investigation by the bank's board of governors.

Critics accuse Wolfowitz of breaking bank rules.

They say it has damaged the institution's reputation in light of Wolfowitz's proclaimed campaign to fight corruption in countries where the bank is operating.