Fayval the favourite - Jamaica Observer

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WILLIAMS... has a strong economic background, has served in the finance ministry before, and could be considered safe hands to continue the Government’s policies

THERE were increasingly louder whispers Monday afternoon that Minister of Education Fayval Williams will make the short hop, skip and jump, from her current office at National Heroes’ Circle to the neighbouring Ministry of Finance where she will replace Dr Nigel Clarke as the person in charge of Jamaica’s purse strings.

There has been no word yet from Prime Minister Andrew Holness about who will replace Clarke, who will take up the position of deputy managing director of International Monetary Fund (IMF), effective October 31.

“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,” Holness said in a statement.

“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,” added Holness.

According to Holness, the Government has identified a successor to Clarke in his ministerial responsibilities and there will be a smooth transition.

“Further updates will be provided in due course and the public can expect policy continuity and a continuation of the economic achievements,” Holness said, sparking speculation as to who would take on this key role.

The speculation increased after the Holness-led governing Jamaica Labour Party immediately announced that it has selected Duane Smith, the three-term councillor for the Chancery Hall Division, as the man to replace Clarke as its standard-bearer in the St Andrew North Western constituency.

“It is instructive that the JLP was quick to ensure that there was no speculation on the political front, but the nation has been left in limbo on the new minister of finance which the prime minister has the authority to announce today [Monday],” said one financial analyst, who asked not to be named.

“I think the PM has already made his decision and it is clear that it will be one of the 49 Government MPs, and I can’t see it going to anyone else except Fayval,” added the financial analyst.

He noted that Williams has had two stints in the finance ministry under the Holness Administration, having served as state minister under Audley Shaw and full minister with Clarke in 2018 before she was shifted to her current position as education minister in 2020.

According to the website of the Office of the Prime Minister, “Williams is a chartered financial analyst (CFA) by profession. She has an MBA with concentration in finance from Wharton Business School at University of Pennsylvania, and a BA (cum laude) in Economics from Harvard University in Cambridge, Massachusetts”.

“She has a strong economics background, has served in the finance ministry before, and could be considered safe hands to continue the Government’s policies which were being implemented by Nigel in the time left before the next general election,” the analyst argued.

Up to press time on Monday there was no word on the replacement for Clarke, with Government sources tight-lipped about who is being considered.

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