Dr Nigel Clarke exceptional, proven leader – IMF

Georgieva’s comments came as she announced this morning her proposed appointment of the Jamaica Finance Minister to the position of Deputy Managing Director, effective October 31, 2024.

He will succeed Ms. Antoinette Sayeh, who, has announced that she will be stepping down on September 12.

In announcing her selection of Dr Clarke, Ms. Georgieva said: “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. Since 2016, he has been the IMF’s chief counterpart on successive and historically successful programs 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.”

Dr Clarke has been Jamaica’s Minister of Finance and the Public Service, and a Member of Parliament, 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. He also led Jamaica’s economic policy response to the COVID-19 pandemic with innovative and well-targeted policy support and completed privatizations 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.

Reacting to the development Jamaica Prime Minister Andrew Holness stated: “I wholeheartedly congratulate Dr. Nigel Clarke on today’s announcement of his pending appointment as Deputy Managing Director of the IMF.

“This is a historic and important development in which I take immense pride. 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.”

Prime Minister Holness further stated that the transition to replace Dr Clarke in the ministry and parliament is already active and will be done without any hiccups as the successors to both positions have been identified.

In 2022, Mr. 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.

Mr. 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.