Says replacement as finance minister identified  

Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva announced to the IMF’s Executive Board, on Monday, her proposal to appoint Dr Nigel Clarke, Jamaica’s minister of finance and the public service, to the position of deputy managing director of the IMF, effective October 31, 2024.

Prime Minister Andrew Holness reacted to the news posted to the IMF’s website, calling it a “historic and important development” in which he takes “immense pride”.

“The IMF plays an indispensable role in the world economy, promoting global financial stability and monetary cooperation, in service of its 190 member countries. As such, the position of deputy managing director is global in scope. No citizen of Jamaica, the Caribbean or Central America has ever before served at this level in the IMF in its 80-year history,” the prime minister said in a release.

“It is to the benefit of Jamaica and the Caribbean region for one of our nationals to serve in such a consequential global position. This development is, therefore, a tremendous net gain for Jamaica and the Caribbean,” he added.

Clarke will succeed Antoinette Sayeh, who, as previously announced, steps down on September 12.

“Mr Clarke is an exceptional public servant and policymaker, with proven leadership in institution building and economic crisis management, who has stewarded his country’s economy to a stronger and more sustainable position,” Georgieva said in announcing her selection.

Holness said Clarke’s elevation is demonstrative of the depth, strength and capacity of his Administration.

He said that over the course of his public sector career, Clarke has made outstanding contributions to Jamaica as chairman of the National Housing Trust, HEART Trust/NTA and the Port Authority; as well as senator, ambassador of economic affairs, and minister of finance and the public service.

As ambassador of economic affairs, he maintained the Government of Jamaica’s relationship with the IMF, and other multilaterals, at a critical time and negotiated key agreements in 2016, including the early termination of the Extended Fund Facility and entry into the Precautionary Standby Agreement, Holness noted.

Holness added: “As minister of finance and the public service, he has brought creativity, imagination and passion to his job and has had many policy achievements. Some of the more impactful policy achievements, such as the substantial improvement in Jamaica’s macroeconomic fundamentals, the abolition and reduction of distortionary taxes, central bank independence, the fiscal commission, multi-layered disaster risk financing, public body governance and public body rationalisation, among others, are well known.

“However, it is some of the less acknowledged accomplishments, as finance minister, that define his compassion for his fellow man: the Marcus Garvey Public Sector Graduate Scholarships, the Public Sector Debate Competition, the CARE Programme, development of the Social Pension, Public Sector Compensation Reform, many innovations at the Student’s Loan Bureau, and unemployment insurance feasibility development.

“The Government has identified successors to Nigel Clarke in both his ministerial and parliamentary responsibilities and there will be a smooth transition in both capacities. Further updates will be provided in due course and the public can expect policy continuity and a continuation of the economic achievements.

“Today, however, I wholeheartedly congratulate Dr Nigel Clarke on today’s announcement of his pending appointment as deputy managing director of the IMF.