The 63-year-old said he will not resign his leadership post with the international organization despite repeated calls for him to do so, maintaining the agency's goal of limiting poverty in developing nations keeps him dedicated, Bloomberg reported Sunday.
"I believe in the mission of this organization and I believe I can carry it out," Wolfowitz said. "This is important work and I intend to continue it."
The former U.S. deputy secretary of defense has come under fire for a promotion he handed out last week to a colleague with whom he once had been romantically involved.
A 24-member development committee again reiterated the lending agency's dedication to its goals in a released statement and said that the current situation is a point of concern.
"We have to ensure that the bank can effectively carry out its mandate and maintain its credibility and reputation as well as the motivation of its staff," the committee said. "The current situation is of great concern to all of us."
2014: The Year in Music [PHOTOS]