WASHINGTON, April 15 (Reuters) - The controversy surrounding World Bank President Paul Wolfowitz's handling of the promotion of his girlfriend is of "great concern to all of us," the bank's Development Committee said on Sunday.

"We have to ensure that the bank can effectively carry out its mandate and maintain its credibility and reputation as well as motivation of the staff," the committee said in a communique following weekend meetings that were overshadowed by questions about Wolfowitz's fate.

"The current situation is of great concern to all of us," it said in its statement, which endorsed an examination of the matter already undertaken by the bank's board of directors.

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