Parliament on Tuesday, October 29, paid tribute to outgoing Finance Minister Dr Nigel Clarke ahead of his departure for a role at the International Monetary Fund (IMF).

Dr Clarke is set to occupy the role of deputy managing director at the IMF effective October 31. Clarke will officially resign as the country’s Finance Minister today.

Tourism Minister Edmund Bartlett, in his tribute to Clarke in the House of Representatives, said: “Dr Clarke has had a remarkable run for the last six years as an outstanding member of this honourable house, an outstanding debater, an outstanding advocate of the people, and an excellent minister of finance.”

He said Clarke has followed in the footsteps of some of the country’s outstanding finance ministers, who have laid the foundation, such as Sir Donald Sangster, Edward Seaga, Dr Peter Phillips, and Audley Shaw.

“His ascension to the role of deputy managing director of the global financial institution known as the IMF marks a pivotal chapter in the history of not only Jamaica but the Caribbean, as never before has there been a Caribbean native to hold such a high ranking position in the IMF,” said Bartlette.

“Both Jamaica and the Caribbean stand to greatly benefit from having one of our own serving in such an esteemed global position. It is a small wonder that indeed, Member, your outstanding performance as Minister of Finance caught the attention of the IMF, whose Managing Director Kristalina Georgieva announced on August 6 that you will join her team as a deputy managing director as of November 1…,” Bartlett added.

He noted that through Clarke’s work, Jamaica has seen a number of positive outcomes, noting the net international reserves have been the healthiest they have ever been in the history of the country. Additionally, he noted that the country’s unemployment rate has plummeted to 4.2 per cent, resulting in several youths joining the workforce. Bartlette also noted that Clarke’s management of the economy has allowed the government to fund several projects, such as SPARK, the Montego Bay Perimeter Road, and a comprehensive drainage study.

Meanwhile, Philip Paulwell, Member of Parliament for East Kingston and Port Royal, also recognised Clarke’s distinguished service, acknowledging the intellectual rigor he brought to debates. “The member has served with distinction. We have had reasons to disagree… but, that notwithstanding, I think we have to recognise the high quality that the member has brought to debates and the intellectual rigour,” he said.

Prime Minister Andrew Holness commended Clarke, reflecting on their long-standing friendship and shared vision for the country. He said he appointed a minister with a mandate to accelerate the implementation of the IMF programme and Jamaica’s economic reform programme.

“The things we had discussed almost a decade before, we now had the opportunity to have those things fully executed. When we discussed these things ten years ago, we knew what to do from a policy perspective, but will we have the political space to do it? That was always the challenge,” Holness said.

He noted Clarke’s success in managing nine budget cycles without introducing new taxes, reducing the national debt from 144 per cent to 74 per cent of gross domestic product, and establishing an independent central bank, which contributed to Jamaica’s unique free-floating exchange rate.

He also noted that Clarke spent quite a lot of his own time seeing to the creation of the Fiscal Commission.