16 May 2007
Although a decision on the fate of Paul Wolfowitz was expected this afternoon, the Board of Directors has adjourned discussions until Thursday.
Reports are surfacing that an exit strategy is in the works, which "will allow World Bank President Paul Wolfowitz to resign...and "still save some face" over the issue of his efforts to seek a promotion and pay raise for his girlfriend at the bank," ABC news' Kirit Radia and Brian Ross write.
The Board will reportedly agree that the Ethics Committee bore some responsibility in the affair.
The Financial Times adds that Wednesday's meeting was adjourned for several hours at the request of the US, "amid mounting indications that a divided Bush administration could be close to conceding that the bank president will have to stand down."
The US Executive Director reportedly came under fire on Wednesday from other Board members pressuring him to agree that Wolfowitz cannot continue as President. Few other countries continue to stand by the US in its continuing support for the beleaguered President.
The Board has been meeting to discuss the report of the committee investigating allegations of Paul Wolfowitz's improprieties in negotiating a pay raise and promotion for his girlfriend, Shaha Ali Riza. Read summaries of the committee's report and Wolfowitz's response on the BIC website.