Dr. Nigel Clarke Makes Final Major Presentation as Finance Minister

A record of performance!

That’s the resounding cheer Finance Minister Dr. Nigel Clarke left echoing as he concluded what will likely be his final major presentation tied to his portfolio.

In a notably thorough and insightful analysis, Dr. Clarke broke down the First Supplementary Estimates tabled in the House of Representatives on Tuesday.

This marks the last such address before his departure to Washington DC, where he will assume his new role as deputy managing director of the International Monetary Fund at the end of October.

Chevon Campbell tells us more.

With a revised budget crafted to tackle the challenges brought on by the destruction of Hurricane Beryl in July, Dr. Clarke emphasises how the administration’s commitment to fiscal prudence has once again been put to the test.

Despite criticism, he stands firm that this strategy has proven its worth.

The government has primarily leveraged the securitisation of revenues from Norman Manley International Airport to manage the additional $40 billion expenditure outlined in the First Supplementary Estimates.

Dr. Clarke explains that such a financing strategy would have been impossible in the past due to Jamaica’s previously unstable fiscal standing.

The finance minister says over the last eight years, Jamaica has maintained a steady growth trajectory, only shaken by significant disruptions such as Covid-19 and more recently Hurricane Beryl.

However, despite this most recent setback Dr. Clarke proudly noted that unlike previous administrations, the current Andrew Holness led government has not had to shelve crucial capital projects in response to these economic shocks.

One of Dr. Clarke’s accomplishments is the transition from contract to full time employment for workers of the National Solid Waste Management Authority, a milestone he takes particular pride in.