New Delhi: World Bank Chief Paul Wolfowitz has been under the scanner for the past one month, after he was found to have broken bank rules by allegedly concealing a hefty pay rise for his girlfriend.
He has also been accused of violating ethics of the World Bank.
The bank's board has accepted Wolfowitz's resignation, but it also acknowledged the ethics committee was partly responsible for giving him bad advice on how to handle a conflict-of-interest situation.
The White House said President George W Bush will stick with the tradition of appointing an American to lead the World Bank.
Meanwhile, President Bush was unhappy with Wolfowitz's resignation and came out in his support on Thursday.
"I regret that it has come to this. I admire Paul Wolfowitz. I admire his heart and I particularly admired his focus on helping the poor," said Bush.
Wolfowitz was the former US Defense Secretary and is considered by many to be the architect of the Iraq war.
He came to head the World Bank in 2005 despite the misgivings of European countries that opposed the war.
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