Member of Parliament for St Andrew East Rural, Fayval Williams has been named to replace Dr Nigel Clarke as minister of finance.

The announcement was made by Prime Minister Andrew Holness who also announced that Senator Dr Dana Morris Dixon, will replace Williams as education minister.

Meanwhile, Member of Parliament for St Ann North Eastern Matthew Samuda returns to the Cabinet as Minister without portfolio in the Ministry of Economic Growth and Job Creation.

Williams is a chartered financial analyst (CFA). She has an MBA with a concentration in finance from Wharton Business School at the University of Pennsylvania, and a BA (cum laude) in Economics from Harvard University in Cambridge, Massachusetts.

Former Finance Minister Clarke resigned from the post to become the deputy managing director of the IMF.