IMF taps Jamaica finance minister for deputy role

IMF taps Jamaica finance minister for deputy role

The International Monetary Fund on Monday named Jamaican Finance Minister Nigel Clarke to a top post at the agency, after the official spearheaded fiscal reforms in the Caribbean nation.

Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF's three deputy managing directors at the end of October.

Clarke "is an exceptional public servant and policymaker," Georgieva said in a statement, adding he had "stewarded his country's economy to a stronger and more sustainable position."

Clarke had been key in negotiating credit lines with the IMF, starting in 2016 as ambassador of economic affairs before being appointed finance minister two years later.

During his tenure, Jamaica's central bank became an autonomous body and an independent fiscal commission was created. He also spearheaded policy coming out of the COVID-19 pandemic, allowing the nation's economy to recover quickly.

Last year, Moody's Ratings upgraded the government's rating to B1 and changed its outlook to "positive."

In June, the island was removed from the watchdog Financial Action Task Force's so-called "gray list" of countries deemed to be doing too little to combat money laundering, one of Clarke's signature achievements as minister.

Prime Minister Andrew Holness said in a release that he had already drawn up a shortlist of potential successors to Clarke as both finance minister and parliamentarian.