Paul Wolfowitz, the incoming president of the World Bank, said on Thursday that debt relief for the poorest nations formed one of the most pressing issues when he becomes its president in June.

After he was unanimously chosen by the Board of Executive Directors of the World Bank to succeed James Wolfensohn, Wolfowitz said in a statement that he had profited already from discussions with his new colleagues.

He said that he would listen to non-governmental organizations and the bank's 10,000 staff, who he said formed "the richest body of expertise in the world on the problems of economic development and poverty reduction".

"The next six months are a key period of decision making on international development policy, particularly leading up to the UN summit in September on the Millennium Development Goals," Wolfowitz said.

He also said that "I have a new appreciation for the urgent need for debt relief, infrastructure and regional integration if poverty is to be reduced."

"Trade polices and subsidies along with positive conditions for private-sector investment are all key factors influencing prospects for the poor," the statement said.

The World Bank on Thursday approved the nomination of Wolfowitz, US Deputy Defense Secretary, to be its next president. He was nominated by President Bush to take the helm of the bank earlier this month.