Minister Donohoe to represent Ireland and the Euro Area at Annual Meetings of the IMF & World Bank Group

The Minister for Finance and President of the Eurogroup, Paschal Donohoe TD, will today (Tuesday) travel to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group to represent Ireland and the Euro Area.

As President of the Eurogroup, Minister Donohoe will chair a Eurogroup inclusive meeting of the 27 EU member states with US Secretary of the Treasury, Janet Yellen on Friday 14^th October in the IMF.  This meeting will discuss “The Transatlantic Macro-Economic Outlook and Risks", and is expected to focus on the respective US and European economic outlooks, and the current risks, including the war in Ukraine and energy challenges.

Minister Donohoe will also participate in a range of IMF, World Bank, and G7 meetings, in addition to specific bilateral meetings, at which there will be discussions on the global and European economic situations, the climate transition, and the global sustainable development agenda.      

As President of the Eurogroup, Minister Donohoe will also participate in three G7 meetings focused on the global economic situation, Africa, and climate change.

In his dual roles, Minister Donohoe will also participate in an Irish Embassy event with European Commissioner Mairead McGuinness focused on setting out the attractiveness of the European and Irish financial sectors for global businesses seeking to operate in the US.  

Throughout his visit, Minister Donohoe will hold a range of bilateral meetings, including with senior officials of international organisations, Ministers for Finance, and global business leaders.  Minister Donohoe will also have a series of media engagements to communicate European economic and financial policy to a global audience, with the highlight being his participation in the CNN Debate on the Global Economy alongside Kristalina Georgieva, Zainab Ahmed, Mark Carney, and Mohammed El-Erian.

I look forward to my visit to Washington D.C to participate in the Annual Meetings of the IMF and the World Bank. These meetings provide a valuable opportunity to discuss and agree policies to meet the global economic challenges caused by the war in Ukraine, and supporting the sustainable development agenda. As President of the Eurogroup, I will be setting out the coordinated policies across the euro area to mitigate the economic impact of the war in Ukraine and to protect vulnerable households and businesses. I will also be setting out the strengths and resilience of the euro area which has recovered strongly from Covid with historically high employment levels, and is well positioned to deal with the significant challenges caused by the war in Ukraine. I am particularly looking forward to hosting Secretary Yellen at a special Eurogroup inclusive meeting, where we will discuss the European and US economic outlooks and focus on how the trans-Atlantic alliance can work together in response to the war in Ukraine. Around the formal meeting agenda, I will be promoting the strengths and attractions of the Irish economy and I particularly look forward to working with Commissioner McGuinness to highlight the financial sector opportunities of the euro area and Ireland. The return to in person IMF – World Bank annual meetings are vital in allowing colleagues from around the world to discuss in detail the best policies and how to work effectively together, to meet the challenges that are facing all of our citizens.

Paschal Donohoe TD, Irish minister for finance and president of the Eurogroup