Nigel Clarke to be appointed IMF deputy managing director, ministerial successor to be identified

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KINGSTON, Jamaica — Minister of Finance and the Public Service, Dr Nigel Clarke is set to be appointed deputy managing director of the International Monetary Fund effective October 31, 2024.

The revelation was made by Prime Minister Andrew Holness, who announced on Monday that IMF managing director Kristalina Georgieva proposed Clarke’s appointment to the position.

Holness congratulated Dr Clarke on the pending appointment and noted that he has already identified successors to Dr Clarke in both his ministerial and parliamentary responsibilities should he be appointed come October.

“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. We will provide updates in due course and the public can expect policy continuity and a continuation of the economic achievements that this government has worked so hard to secure,” Holness said in a release.

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

Noting that 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 highlighted and praised the achievement.

“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,” the prime minister said.

Over the course of his public sector career, Dr Clarke has made outstanding contributions to Jamaica as chairman of the National Housing Trust, HEART Trust and the Port Authority and also as senator, ambassador of Economic Affairs, and minister of finance and the public service.

As ambassador of economic affairs, he maintained the government’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.

During his tenure as finance minister, he has driven the substantial improvement in Jamaica’s macro-economic 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, the prime minister stated.

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