World Bank President Paul Wolfowitz said on Sunday that he refuses to give up his post over the promotion and pay rises for a close female friend he has dated.

The World Bank's board of executives has yet to come to a conclusion on possible actions to be taken after they reviewed on Friday the pay hikes and promotion given by Wolfowitz.

The World Bank's ministerial policy makers did not reach a consensus on whether Wolfowitz should leave office after annual spring talks here.

"We intend to abide by a high standard of internal governance here at the bank," Wolfowitz told a news conference, while he stressed that he would continue with the World Bank's work.

Wolfowitz on Thursday apologized for the promotion and pay rises for Shaha Riza, who was a close female friend of Wolfowitz and once a staff member in the bank. Riza was removed to work with the U.S. State Department when Wolfowitz took over at the World Bank in 2005, to avoid any conflict of interest.

While still on the World Bank payroll when she worked for the U.S. State Department, Riza was rapidly promoted and ended up with a tax-free salary package of about 193,000 dollars, even more than Secretary of State Condoleezza Rice receives before tax.