Paschal Donohoe to step down as Finance Minister

Ireland’s Finance Minister Paschal Donohoe is to leave his role in Government and take up a position with the World Bank.

It is understood Mr Donohoe will stand down from his position as a Fine Gael TD later this week.

He is to take up the second most senior position in the World Bank, as managing director and chief knowledge officer.

Fine Gael leader and Tanaiste Simon Harris said it was a “moment of sadness” for his party.

He added that he will announce a number of changes to the Fine Gael ministerial team later on Tuesday.

Mr Donohoe, 51, has been a TD for Dublin Central since 2011.

Mr Harris said Mr Donohoe was moving to a position of “significant international standing”.

He added: “It is a testament to Paschal’s integrity, expertise, and the high esteem in which he is held both at home and abroad.

“While I always knew this day would come, it is a day of mixed emotion.

“It is a moment of sadness for the Fine Gael family, but it is also a moment of great pride for Ireland.

“Paschal’s appointment reflects the regard in which he is viewed on the global stage.”

Mr Donohoe has also served as minister for European affairs, minister for transport, and minister for public expenditure and finance.

Mr Harris added: “Throughout his tenure, Paschal has exemplified the highest standards of public service.

“His calm and capable stewardship helped guide Ireland through some of the most challenging periods in our recent history, including: Brexit, the Covid-19 pandemic, and a period of global economic uncertainty.

“His prudent management of the public finances has underpinned Ireland’s recovery and growth, ensuring that our economy remains resilient and our society continues to prosper.”

The Tanaiste concluded: “Later today, I will announce a number of changes to the Fine Gael Ministerial team.”