Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has proposed to the Board that Dr. Nigel Clarke, a University of the West Indies graduate and a former Jamaican Minister of Finance and Public Service, be the Fund’s next Deputy Managing Director. Dr. Clarke who is expected to succeed the Liberian Economist, Antoinette Sayeh, who steps down on September 12, will assume the position effective October 31.
An IMF release issued on Monday quotes the Fund’s Managing Director as describing Dr. Clarke, as “an exceptional public servant and policymaker, with proven leadership in institution building and economic crisis management,” whom, she added, “has stewarded his country’s economy to a stronger and more sustainable position.” The release further credits Dr. Clarke with spearheading “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.”
The release adds that under Dr. Clarke’s 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,” the release added.
In 2022, Dr. Clarke was elected Chairman of the Board of Governors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation. Before embarking on a public service career Dr. Clarke served as Vice Chairman and Chief Financial Officer of the Musson Group, a regional conglomerate. His career in business began as an Equity Derivatives Trader at Goldman Sachs in London.
