Dr. Nigel Clarke Leaves Government, Heads to IMF

IMF Appoints finance minister, Dr Nigel Clarke, as Deputy Managing Director, effective October 31.

The Managing Director of the International Monetary Fund (IMF) announced her proposal to appoint Dr. the Hon. Nigel Clarke, Minister of Finance and the Public Service, as the IMF’s Deputy Managing Director, effective October 31, 2024.

This historic and significant development is a source of immense pride. The IMF plays a vital role in the global economy, promoting financial stability and monetary cooperation among its 190 member countries. Therefore, the position of Deputy Managing Director holds global significance.

Prime Minister Andrew Holness in a show of pride congratulate Dr Nigel Clarke for his pending appointment in a press release, read the release:

Today, the Managing Director of the International Monetary Fund (“IMF”) announced to the
IMF’s Executive Board, her proposal to appoint Dr. the Hon. Nigel Clarke, Minister of Finance
and the Public Service, to the position of Deputy Managing Director of the IMF, effective
October 31, 2024.
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.
Over the course of his public sector career, Dr. Nigel Clarke has made outstanding
contributions to Jamaica as Chairman of the NHT, 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 GOJ’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. As Minister of Finance and the Public Service, he has brought creativity,
imagination and passion to his job and has had many policy achievements. Some of the more
impactful policy achievements, such as the substantial improvement in Jamaica’s macroeconomic 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, among others, are well known. However, it is
some of the less acknowledged accomplishments, as Finance Minister, that define his
compassion for his fellow man: the Marcus Garvey Public Sector Graduate Scholarships, the
Public Sector Debate Competition, the CARE Programme, development of the Social Pension,
Public Sector Compensation reform, many innovations at the Student’s Loan Bureau and
unemployment insurance feasibility development.
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. Further
updates will be provided in due course and the public can expect policy continuity and a
continuation of the economic achievements.
Today, however, I wholeheartedly congratulate Dr. Nigel Clarke on today’s announcement of
his pending appointment as Deputy Managing Director of the IMF.