PASCHAL DONOHOE HAS appeared to rule himself out of the competition to take on the role as Managing Director of the International Monetary Fund (IMF), as he doesn’t expect the role will be made vacant.
The Minister for Public Expenditure and Reform was previously earmarked to be tapped for the top job in the IMF in December, amid speculation that its current head, Kristalina Georgieva, would be stepping away from the position.
Donohoe, who also is the current head of the Eurogroup, said during a press conference in Brussels today that he wants to see out his positions as a minister in Ireland and as head of the European finance ministers.
The minister said: “At the time of that speculation about myself and the IMF last December, I made the point that my focus was on my work as a member of the government of Ireland and then as president of the Eurogroup.
“Speculation about me in the future was always going to be in the context of a potential vacancy at the managing director of the IMF, which I don’t believe it’s going to happen.”
Finance ministers and the IMF are due to meet in Washington tomorrow in order to put forward candidates to lead the next term of the UN’s global lender.
US business publication Bloomberg reported in December reported that the Dublin Central TD was considering a move to the United Nations financial agency, quoting sources with knowledge about the move.
This was after reports that Georgieva, who has been the managing director of the UN agency since 2019, would not be contesting for a second term in the position.
Donohoe was in New York and speaking to Bloomberg on the evening of the article’s publication but a spokesperson for the minister told The Journal that he remained focused on contesting in the next general election.
The spokesperson or Donohoe himself did not completely rule out to the press that he is a candidate for the role at the time. The move was also denied by Leo Varadkar but when asked if the Taoiseach had put the question to Donohoe directly, he said he had not.
Georgieva has already received backing from France and Germany to serve a second term.
Donohoe, speaking to reporters today after a meeting of the EU’s finance ministers at the European Council, gave a stellar reference to the former Bulgarian European Commissioner.
“Kristalina Georgieva has done an excellent job in that role, she has steered the IMF through a pandemic, through a war and has done so in an incredibly inclusive way inside the IMF community and membership base.”
Donohoe said he expects the topic to be brought up in the United States tomorrow, but his position remains the same as it was in December – he’s staying put.
“I’m very lucky to have two jobs as it is and I plan to see both of them out,” he said.
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