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WASHINGTON, May 10 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Thursday it was vital for the World Bank to follow a fair process in assessing the leadership of Paul Wolfowitz but declined to comment on the outcome.

"He is a dedicated and committed public servant and I very much admire what he has done at the World Bank in terms of fighting poverty," Paulson said during an interview on Bloomberg Television.

Wolfowitz is embroiled in a struggle to hold the presidency of the global lender amid calls for him to quit over his handling of a pay raise and promotion for a companion.

"It's got to be fair," Paulson said. "A bank with the stature of the World Bank, (and) I have the highest regard for the World Bank, the processes they use here are going to be very important, the whole world is watching."

On Wednesday night, the the 24-nation bank board said it was delaying until Friday a deadline for Wolfowitz to respond to a bank panel report that found he broke rules in the 2005 pay and promotion deal for his companion, Shaha Riza, a bank Middle East expert.

Paulson is a governor of the World Bank and has taken a relatively restrained role in the matter, though European government representatives went to the Treasury during an April meeting of the International Monetary Fund and World Bank to press their case that Wolfowitz should quit.

The U.S. Treasury chief stressed his view that, whatever happens, there must be no question it is handled properly.

"We need very fair processes. This shouldn't be rushed. But I'm not going to get into outcomes and you shouldn't take that as any lessening of my support or admiration for Paul Wolfowitz," Paulson said.

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