Jamaica’s finance minister for top IMF post. Opposition says it smells a rat

Jamaica’s Minister of Finance, Nigel Clarke is leaving his post to become one of the deputy managing directors of the International Monetary Fund ((MF) and once he does, he would be the highest ever Caribbean national to hold such a senior position.

But even as he winds down before heading to Washington at the end of October, the main opposition People’s National Party (PNP) while congratulating him, wants to know if he is abandoning Andrew Holness’ cabinet as polls are showing that the governing Jamaica Labor Party (JLP) is trailing the PNP ahead of general elections scheduled for next year.

Clarke announced his impending departure in the past week and will become the only national of the Caribbean and Central America to hold the post of deputy.

“Dr. Clarke’s departure comes at a critical juncture for our country as we face serious economic challenges, including the spiraling cost of living and the negative growth impact of the recent hurricane. The timing of Dr. Clarke’s departure also brings into question the government’s ability and commitment to addressing the ongoing economic burdens facing the Jamaican people,” the PNP said, as it wondered if he was abandoning “a sinking ship.“ The PNP stands ready to work constructively in the national interest to ensure that Jamaica navigates these challenging times. We remain committed to advocating for economic policies that prioritize inclusive and sustainable economic growth and the well-being of all Jamaicans

But regional authorities such as Prime Minister Mia Mottley of Barbados are hailing the appointment saying the Caribbean will be well served with him being one of the four deputies. “This achievement marks a significant milestone for the entire Caribbean region. This is a testament to the talent within our region and it sets a powerful example for us all. Congratulations Dr. Clarke, the Caribbean stands proudly with you as you step into this new chapter,” Mottley wrote in a social media post this week

Andrew Holness, his former boss, said that no one from the region has held such a post in the 80-year history of the IMF. It is significant. 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,” the prime minister as he announced the departure. The IMF deals with 190 countries.

Reports are, in the meantime, indicating that St. Andrew Councillor Daune Smith is likely to be Clarke successor. Holness has promised formal updates in the coming hours.

Clarke has a PHD in numerical analysis from Oxford University in England and also a master’s in applied statistics among other qualifications. He is credited with reducing the island debt ratio from 110 to 72 percent in recent years.