“Leaving a Sinking Ship?” PNP Seeks Clarity After Clarke’s IMF Appointment

The People’s National Party, PNP, is raising concerns about the potential direction of Jamaica’s economy after Dr. Nigel Clarke leaves the role of finance minister.

In a statement on Monday, the PNP, congratulated Dr Clarke after it was announced effective October 31 this year, he’ll take up the post of deputy managing director of the International Monetary Fund, IMF.

This is one of the highest post in the organisation that serves about 150 countries worldwide. The IMF’s managing director, Kristalina Georgieva, made the announcement on Monday morning.

Clarke will replace Liberian, Antoinette Sayeh, who’s retiring on September 12.

Despite their well wishes the PNP says Dr Clarke is leaving at a delicate time for Jamaica with the country facing what they’re calling a spiraling cost of living crisis and negative growth caused by the passage of Hurricane Beryl.

“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,” said the PNP in a statement issued under the name of their general secretary, Dr Dayton Campbell.

Dr Campbell is asking whether the move by Dr Clarke can be considered the ‘abandonment of a sinking ship’.

The PNP is demanding a clear transition plan from the government while stating it’s ready to help Jamaica navigate the issues outlined.

In a statement on Monday, Prime Minister Andrew Holness says several potential successors in the role of finance minister have been identified.

In announcing Dr Clarke’s imminent appointment, the IMF’s Kristalina Georgieva hailed the Jamaicans handling of several financial and economic issues.

The IMF noted Dr Clarke’s stewardship in spearheaded national reforms for Jamaica, including central bank independence, creation of an independent fiscal commission, as well as other tax policy, public body governance, public procurement.

The IMF also noted Dr Clarke’s role in leading public sector compensation and public investment management reforms.

The IMF hailed the finance minister’s handling of Jamaica’s economic policy response to the Covid-19 pandemic calling his initiatives ‘innovative and well-targeted policy support and completed privatisations and public-private partnerships of major infrastructure assets.’

Meanwhile, the Dr Peter Phillips, the man who is often credited with starting Jamaica’s economic turn around, which was successfully guided by Dr. Clarke, has congratulated the outgoing finance minister on his IMF appointment.

In a post on social media cite X, Dr Phillips, the former PNP president and former finance minister under Portia Simpson Miller, says Dr Clarke’s appointment is “testament to your own achievement and will provide Jamaica and the Caribbean with a welcome resource as we continue to strive for sustainable economic growth.”