By: Staff Writer
August 27, 2024
The International Monetary Fund (IMF) on Monday named Jamaican Finance Minister Nigel Clarke to a top post at the agency, after the official spearheaded fiscal reforms in the Caribbean nation.
Clarke, who is an Oxford trained mathematician and statistician, headed multiple Jamaican public and private sector entities.
Clarke, who has worked vigorously to steer Jamaica through the economic collapse of the pandemic, helped Jamaica’s central bank became an autonomous body and an independent fiscal commission was created. He also spearheaded policy coming out of the COVID-19 pandemic, allowing the nation’s economy to recover quickly.
Last year, Moody’s Ratings upgraded the government’s rating to B1 and changed its outlook to “positive.”
In June, the island was removed from the watchdog Financial Action Task Force’s so-called “gray list” of countries deemed to be doing too little to combat money laundering, one of Clarke’s signature achievements as minister.
Prime Minister Andrew Holness said in a release that he had already drawn up a shortlist of potential successors to Clarke as both finance minister and parliamentarian.
Prime Minister Andrew Holness is looking for a suitable replacement for Clarke whom he congratulated publicly on his appointment.
Holness, in a statement, also said: “This is a historic and important development in which I take 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. 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. Furthermore, this elevation of Minister Clarke is demonstrative of the depth, strength and capacity of my administration.”
Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF’s three deputy managing directors at the end of October.
Clarke “is an exceptional public servant and policymaker,” Georgieva said in a statement, adding he had “stewarded his country’s economy to a stronger and more sustainable position.”