As the government reshuffled the pack after Paschal Donohoe announced his departure as Minister for Finance, he joined Pat Kenny in studio to shed light on his decision.
“My home will never change, my home is Phibsborough.” Mr Donohoe told The Pat Kenny Show, as he emphasised his deep sense of belonging towards his strong roots in North Dublin, with his constituency office as TD for Dublin Central.
The former minister begins his new role on Monday, 24th November.
“It is an extremely quick transition, which is frequently the case with politics and with roles like this,” he said.
Paschal Donohoe
When asked about the abrupt reshuffle of the cabinet over the recent days, Donohoe stated that he had no concerns about the recent appointments.
“I'm so happy that Simon [Harris] is our new Minister for Finance.
“Continuity and experience has a great value and that is one of the reasons why I'm so pleased to see colleagues like Tanaiste Simon Harris and Helen McEntee now in the roles they are in.
“It's the nature of politics,” he added.
Paschal Donohoe pictured at the arrivals ahead of the second day of the European council summit, in Brussels, Friday 27 October 2023. BELGA PHOTO HATIM KAGHAT Credit: Belga News Agency/Alamy Live NewsThe 51-year-old stated that this opportunity within the World Bank was a once-in-a-lifetime chance for him and that it was crucial for him to take the opportunity as it came his way.
He will take up the second most senior position in the World Bank, as Managing Director and Chief Knowledge Officer.
“It wasn’t something that was on my agenda,” he said.
He described the role as one focused on supporting the most vulnerable across the world, helping countries confront the most difficult economic challenges, and being part of making that change happen.
Mr Donohoe said he wants to represent Ireland abroad and hopes listeners will feel that there is an Irish person working to make a positive difference.
What is The World Bank?
The World Bank is a global development institution that provides financial support and policy guidance to help countries grow sustainably on a global level.
As Mr Donohoe explained, “The World Bank is about development. What the World Bank tries to do is put in policies that can help countries grow quicker in a way that helps them with their resilience.”
The United States is currently the largest shareholder within the organisation, and President Trump and his administration 'continued to support' the work of the World Bank, he added.
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Donohoe said he has been inspired by the organisation’s desire for economic change.
“This is an organisation that is helping parts of the world that do not have access to electricity.
"This is an organisation that is helping hundreds of millions of young women and men in different parts of our world that at the moment don't have a prospect of a job, to get one.”
As he steps into this new role, he will be supporting Ajay Banga, the president of the World Bank in his duties, a significant step in his career shaped by years of public service and economic policy work.
New role
Mr Donohoe reflected on the road that led him to gaining the vital experience that has given him the confidence to take on the role.
“My work at a European level and even at an international level within the Eurogroup…got me in front of many, many different audiences.”
However, he emphasised that the 'heart of it' is the experience he developed as a TD in Dublin Central, forming connections with individuals who spoke about the challenges they faced on a daily basis.
“I’m thankful for the opportunity to represent Dublin Centre.”
When asked about his apprehension towards his new role, Donohoe told Pat he felt excited and motivated by the challenge presented to him.
“I'm now facing a whole new world and I’m looking forward to making a difference,” he said.
