Paschal Donohoeโค is set to resign from his position as Minister for Public Expenditure and Reform and Taoiseach Leo Varadkar‘s Cabinet to take up a new roleโข at the World Bank. The announcement, โคmade on November 18, 2023, marks โa meaningful shift in Irish political leadership โand comes as Donohoe prepares โขto become the World Bank’s Executive Director representing Ireland, Italy, Malta, San Marino, and Timor-Leste.
Donohoe’s โdeparture reshapes the Irish government’s economic team at โคa critical juncture, as theโค coalition navigates budgetary challenges andโค ongoing cost-of-living concerns. His new role, commencing in December 2023, โฃplaces him โwithin a key international financial institution influencing global โฃdevelopment policy. The appointment โคfollows a period of speculation regarding donohoe’s future, particularlyโ after he was passed over for the role of Eurogroup President earlier this year.
the World Bank confirmed Donohoe’s appointment on Saturday,โข stating โขhe will serve a five-year term. He has been a member ofโข the Dรกil representing Dublin Central since 2007 and previously served as โฃMinister for Finance โคfrom 2017 to 2022. Duringโฃ his tenure asโ Finance Minister, ireland experienced a period of sustained economic growth, and Donohoe โoversaw โคthe โimplementation of policies aimed at managing the economic impact of the โขCOVID-19 pandemic.
Taoiseach โฃLeoโฃ varadkarโ thanked Donohoe for his service, acknowledging his “significant contribution” to the country’s economic stability. A successor โขto Donohoe in the Department of Public โExpenditure and Reformโข will be appointed inโ the coming days. The โtiming of the reshuffle is expected to influence the government’s approachโ toโฃ the โupcoming budget negotiationsโข and broader economic planning.