The World Bank is carrying out a review that will lead to the aid agency cutting back or even abandoning some activities to focus resources where they can be most effective, Paul Wolfowitz told the Financial Times.

The World Bank president said he had charged François Bour-guignon, its chief economist, with drawing up the new strategy for the world’s biggest multilateral aid agency. While Mr Wolfowitz refuses to prejudge the review, many bank officials think it is engaged in too wide a range of social sector projects and want it focus more on promoting economic growth.