Paschal Donohoe is leaving his role as Ireland’s Finance Minister and President of the Eurogroup for a new job at the World Bank.
Donohoe has been president of the Eurozone’s group of finance ministers since 2020.
Serving as Ireland’s Minister of Finance since 2017, he survived reshuffles within Fine Gael and Fianna Fáil with a change of job title, becoming Minister for Public Expenditure between 2022 and 2025, before returning as Minister of Finance after the last general election.
Throughout he retained his EU job as President of the Eurogroup, which is a job selected from amongst EU finance ministers.
In Brussels, he is regarded for his calm composure and ability to find a compromise amongst the 20 current Eurozone members.
Quitting his job as an Irish minister means he also loses his Eurogroup job.
It is understood that Donohoe is leaving to take up a new post as as Managing Director and Chief Knowledge Officer at the World Bank.
“Paschal brings more than twenty years of public service, and knows firsthand how good policies can unleash private capital mobilization, boost growth, and generate jobs,” said World Bank Group President Ajay Banga.
“He also brings extensive knowledge of how investors, private sector, financial companies, technology firms, and others operate – from his near decade of experience in the private sector. This combination will be invaluable at ensuring the World Bank Group delivers more impact at scale.”
As Chief Knowledge Officer, the World Bank said that Donohoe would “lead on shaping, managing, and leveraging the institution’s Knowledge Bank—a force multiplier in the mission to fight poverty and improve quality of life in emerging markets and developing economies.”
In a statement, Paschal Donohoe said:
“It is a tremendous hono[u]r to take up this role at the World Bank, as Managing Director and Chief Knowledge Officer.
“In more than twenty years as a public representative, my motivation has been to improve the lives of all of the people I represent and to foster engagement and cooperation as the best means of progressing vital issues.”
“By encouraging collaboration with, and between, governments and global institutions we can make progress and meet the challenges we face head-on. This has been a key and continuous theme of my public life and the work that I have done. The need for this has never been greater than it is today. I look forward to playing a central role at the World Bank in making the case for this cooperation at a time of great change in our world.”
He will take up the job next week.