Leo Varadkar has announced his resignation as Fine Gael leader and as Taoiseach.
He will resign as Fine Gael leader effective today and will step down as Taoiseach as soon as a successor is chosen.
A new Fine Gael leader will be elected in advance of the party's Ard Fheis on April 6.
Speaking outside Government Buildings, Mr Varadkar said that he had done "some soul searching" and that the "time is now" for him to step down.
"When I became party leader and Taoiseach back in June 2017, I knew that one part of leadership is knowing when the time has come to pass on the baton to someone else. And then having the courage to do it. That time is now," he said.
Mr Varadkar said that his reasons were both personal and political but he no longer feels like he is the best person to lead the country and his party.
He said that he was confident that his colleagues could continue his work.
Flanked by Fine Gael members of Cabinet, he said that his time in politics has been "the most fulfilling time of his life".
The Taoiseach said he worked to bring the country back from mass unemployment, navigated covid and Brexit and repealed the Eighth Amendment.
He listed other achievements such as lower childcare costs, higher arts and sports funding, the National Broadband Plan and the increase in Ireland's diplomatic footprint.
He said he is "deeply proud" of his work, but added that there were some areas in which Ireland had gone backwards.
A visibly emotional Mr Varadkar said that politicians are human beings with limitations.
"We give it everything until we can’t anymore and then we have to move on," he said.
"I will, of course, continue to fulfil my duties as Taoiseach until a new Taoiseach is elected and will remain as a constituency TD for Dublin West.
"I know, inevitably, there will be speculation as to the ‘real reason’ for my decision. These are the real reasons. That’s it. I have nothing else lined up or in mind. No definite personal or political plans, but I am looking forward to having the time to think about them."
He finished by thanking the people of Ireland and promised to keep working for Ireland and his community.
The new Taoiseach will have two months to prepare for the Local and European Elections, "and up to a year before the next general election", Mr Varadkar said.
Speaking at Government Buildings following Mr Varadkar's announcement, Tánaiste Micheál Martin said that he had been briefed by Mr Varakdar last night.
He said that he wishes Mr Varadkar well, having made a "difficult decision".
He said that while Mr Varadkar will step down, he believes that the coalition should continue to serve its full term. He said that it was not for him or anyone in Fianna Fáil to express a preference for the new Fine Gael leader.
The Fine Gael party will begin the process of selecting a new leader in the coming weeks, with a decision expected before the party's ard fheis early next month.
President Michael D Higgins was alerted to the announcement, shortly before the Taoiseach held a press conference confirming that he was to stand aside.
The two men then had a phone call immediately after the Taoiseach’s press conference, when they had a substantive conversation.
Throughout this, the President thanked the Taoiseach for his service and for the comprehensive Article 28 meetings which they have had over the Taoiseach’s two terms in office, a spokesperson said.
They are due to have a further Article 28 meeting before the Taoiseach leaves office when they will have an opportunity to discuss a number of issues. Their most recent Article 28 meeting was immediately prior to the Taoiseach’s departure to the US for St Patrick’s Day.
Speaking to C103, Cork North-Central TD Colm Burke said that Mr Varadkar felt that he "didn't have the support of the general public". He said that he believes that Mr Varadkar has been a good Taoiseach.
However, Mr Burke said that now would not be the right time for an election.
The announcement comes after a turbulent number of weeks for the Fine Gael, Fianna Fáil and Green Party coalition Government.
It was resoundingly beaten in two referenda on changes ministers had proposed to the Constitution.
The comprehensive defeats were a significant blow to Mr Varadkar and other coalition leaders who had campaigned for ‘yes yes’ votes in the plebiscites.
The announcement comes ahead of local and European elections in Ireland in June. The next general election must be held by early spring next year.
Over the last year, 10 Fine Gael TDs have announced their intention to step away from politics at the general election, fuelling speculation of internal discontent within the party.
Cabinet ministers met in Dublin for the first time on Wednesday since the referenda defeats.
Mr Varadkar, 45, has also just returned from the United States where he was involved in several high-profile engagements with President Joe Biden as part of traditional St Patrick’s Day celebrations.
He is currently serving his second term as Taoiseach. Mr Varadkar, who first became premier in 2017, once insisted he would not remain in politics beyond the age of 50, albeit he later said he regretted making that pledge.
A meeting of the Fine Gael Executive Council is now underway to decide the rules of the party’s upcoming leadership contest, following Leo Varadkar’s resignation earlier today.
The meeting, at the party’s headquarters in Dublin, will see senior party figures decide the overall rules for the contest, including the closing date for any TD seeking a nomination.
Mr Varadkar announced at midday that he was standing down as both Taoiseach and leader of Fine Gael, with the race now on to succeed him.
At present, only Enterprise Minister Simon Coveney has ruled himself out of the leadership race, saying that he had his chance in 2017.
Speaking ahead of the meeting, Senator Regina Doherty told reporters that if Mr Varadkar had been better supported by the parliamentary party, he may not have opted to step down.
“We’ve just had a [parliamentary party] meeting that was quite emotional and I suppose in a lot of ways, all the things that are being said, had they been said maybe before today maybe we wouldn’t have today,” Ms Doherty said.
“Maybe if we supported Leo a little bit more over the years.” Asked if she wanted to see a contest rather than a coronation, Ms Doherty said that a contest would be “healthy” for the party.
“Obviously that requires more than one contestant but I think it really would be healthy,” she said.
“I think we have a number of people that could fill the boots.” Another executive member, TD John Paul Phelan, also said that a contest would benefit the party, but when asked directly if he would be happy with Higher Education Minister Simon Harris he said: “Absolutely."
“But I do think a contest would be good for Fine Gael. We have a number of decent prospects, but we don’t even know yet if those people are contesting,” he added.
Senator Sean Kyne said that no candidates put themselves forward at the parliamentary party meeting, adding: “It’s for tomorrow at the earliest to speculate on new names."