Kingston, Jamaica — Jamaica’s Prime Minister, Andrew Holness on Monday congratulated his Finance Minister Nigel Clarke on the announcement that he has been proposed as the Deputy Managing Director of the International Monetary Fund (IMF), effective Oct. 31.
“This is a historic and important development in which I take immense pride,” Holness said in a statement.
“The IMF plays an indispensable role in the world economy, promoting global financial stability and monetary cooperation, in service of its 190 member countries,” Holness said, adding that 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,” Holness noted.
“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,” Holness said.
He said his government has identified successors to Nigel Clarke in both his ministerial and parliamentary responsibilities and there will be a smooth transition in both capacities.
Earlier today (Monday), Kristalina Georgieva, managing director of the IMF announced to the Executive Board her proposal to appoint Nigel Clarke, Jamaica’s minister of finance and the public service, to the position of deputy managing director, effective Oct. 31, 2024.
Clarke will succeed Antoinette Sayeh, who, as previously announced, steps down on Sept. 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.
She said that since 2016, Clarke has been the IMF’s chief counterpart on successive and historically successful programmes for Jamaica, including an Extended Fund Facility, a precautionary Stand-By Arrangement, and most recently a Precautionary Liquidity Line plus Resilience and Sustainability Facility, leaving the country with robust economic fundamentals. Nigel also brings a wealth of experience from a stellar private sector career.
Clarke has held his post as Jamaica’s Minister of Finance and the Public Service since March 2018.
Prior to this, he served as ambassador of economic affairs from 2016. During this period, he spearheaded ambitious national reforms, including central bank independence, creation of an independent fiscal commission, as well as other tax policy, public body governance, public procurement, public sector compensation, and public investment management reforms.
Clarke also led Jamaica’s economic policy response to the COVID-19 pandemic with innovative and well-targeted policy support and completed privatisations and public-private partnerships of major infrastructure assets.
Under his stewardship, Jamaica implemented a multi-layered disaster risk financing model, and became the first small country to independently sponsor a catastrophe bond, with World Bank assistance.
In 2023, Jamaica successfully completed its first ever international issue of a local currency denominated bond.
In 2022, Clarke was elected chairman of the board of governors of the Inter-American Development Bank and the Inter-American Investment Corporation.
Prior to his public service career, he was vice chairman and chief financial officer of the Musson Group, a regional conglomerate, having started his career as an Equity Derivatives Trader at Goldman Sachs in London.
Clarke holds a PhD in numerical analysis from Oxford University where he was a Rhodes Scholar, and a Master of Science Degree in Applied Statistics, also from Oxford, while he was a Commonwealth Scholar.
He also holds a Bachelor of Science Degree in mathematics and computer science from the University of the West Indies where he was a Jamaica Independence Scholar.