Paschal Donohoe is set to continue in his ministerial role until the forthcoming election, as the possibility of securing a position with the IMF recedes

The likelihood of Paschal Donohoe, Minister for Public Expenditure, maintaining his current position till the next election is high. This comes as a result of EU finance ministers’ impending endorsement of Kristalina Georgieva, the Bulgarian incumbent IMF Chief, for another term. In the international finance sector, the IMF role that Donohoe was anticipated to take on carries significant weight. Still, preliminary discussions he conducted in Washington at the close of last year have not borne fruits.

Reconfirmation came from Brussels sources early this week, asserting that EU finance ministers will express their endorsement for Georgieva in their forthcoming Tuesday meeting. Currently, Donohoe is in Brussels, presiding over a Eurogroup finance ministers’ assembly in his capacity as the group’s leader. His focus is on the countries utilising the single currency.

A senior source confirmed, “It’s finished. The role is hers,” indicating Georgieva’s assured second term at the IMF. European countries typically appoint the IMF chief, making the reaffirmed backing for Georgieva likely to be the determining factor. Crucially, she has reportedly obtained influential French support in her bid for a second term.

The Irish government can breathe a sigh of relief at this news, as it risked losing one of its key members prior to its final budget and the subsequent general election slated for either the latter part of the year or the following spring. More than just experienced, Donohoe holds a vital bipartisan position alongside Fianna Fáil Minister for Finance, Michael McGrath.

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