Paschal Donohoe's Surprise Move from Irish Finance Minister to World Bank Role

Paschal Donohoe, a key figure in Irish finance, will resign as finance minister and Eurogroup President to join the World Bank. Known for his fiscal prudence, Donohoe's departure leaves a gap in the coalition government. His successor will be announced by the Fine Gael party leader, Simon Harris.

Paschal Donohoe, the seasoned Irish finance minister and Eurogroup President, has announced his resignation to assume a leadership position at the World Bank. This unexpected decision leaves the coalition government without one of its most experienced hands in shaping fiscal policy.

Having re-established himself as finance minister in January, Donohoe has been instrumental in guiding Ireland's finances to a robust status within Europe. His departure necessitates a reshuffle in the Fine Gael party, with speculation rife that Simon Harris might take over the finance portfolio.

Nicknamed "Prudent Paschal," Donohoe has resisted calls for large tax cuts, choosing to maintain a conservative fiscal approach. He will join the World Bank as a managing director and chief knowledge officer, bringing his expertise to the global stage.

(With inputs from agencies.)