Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has announced to the Executive Board her proposal to appoint Nigel Clarke to the position of Deputy Managing Director, effective October 31, 2024.
He will succeed Antoinette Sayeh, who, as previously announced, steps down on September 12, 2024
In announcing her selection of Mr 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.”
Mr 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, the creation of an independent fiscal commission, as well as other tax policies, 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.
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.