Surprising Shift: Ireland's Finance Minister to Lead World Bank

Ireland's Finance Minister, Paschal Donohoe, is set to resign to become the managing director at the World Bank. This unexpected move comes after his long tenure in Irish politics and leadership in the Eurogroup. His World Bank appointment was approved on Monday night, according to Irish Times.

In a move that has caught many by surprise, Ireland's Finance Minister Paschal Donohoe is preparing to step down from his post to assume leadership at the World Bank as its managing director.

Representing the Fine Gael party and serving as finance minister since January, Donohoe is also known for his role as president of the Eurogroup of euro zone finance ministers.

The World Bank's board gave the green light to his appointment on Monday night, a development confirmed by the Irish Times. Consequently, Donohoe will also relinquish his duties as a member of parliament.

(With inputs from agencies.)