IMF Proposes to Appoint Mr. Nigel Clarke as Deputy Managing Director

  • Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, announced on August 26, 2024, to the Executive Board her proposal to appoint Mr. Nigel Clarke to the position of Deputy Managing Director, effective October 31, 2024. He will succeed Ms. Antoinette Sayeh, who, as previously announced, steps down on September 12.
  • In announcing her selection of Mr. Clarke, Ms. Georgieva highlighted that 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.
  • She noted that 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.
  • Clarke has served as Jamaica’s Minister of Finance and Public Service and a Member of Parliament since March 2018. Before this role, he was the Ambassador of Economic Affairs starting in 2016. He led significant reforms in central bank independence, fiscal governance, and public sector management. His tenure included steering Jamaica's economic response to COVID-19, overseeing privatizations and public-private partnerships, and introducing a disaster risk financing model. Under his leadership, Jamaica also became the first small country to independently sponsor a catastrophe bond and completed its inaugural international local currency bond issue in 2023.
  • 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.

(Source: IMF)