Jamaica’s finance minister, Dr Nigel Clarke, who has been appointed to the International Monetary Fund’s (IMF) senior management team is being commended by leaders of the Caribbean as a historic moment.

They expressed hope that his appointment as deputy managing director will provide a significant voice for developing states in the decision-making of the major financial agency of the United Nations.

Clarke’s appointment was made public on Monday morning, and was followed by the announcement that he will be leaving his post in the Jamaican Cabinet and as member of parliament for St Andrew North Western, the constituency he has represented since winning a by-election in 2018.

Prime Minister Andrew Holness, in a statement expressing pride in the appointment, said the government has identified successors to Clarke in both his ministerial and parliamentary responsibilities and that there would be a smooth transition in both capacities.

“This is a historic and important development in which I take immense pride. The IMF plays an indispensable role in the world economy, promoting global financial stability and monetary cooperation, in service of its 190 member countries. As such, the position of deputy managing director is global in scope.

“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 added.

Holness’ position was echoed by former Jamaican prime ministers Bruce Golding and P.J. Patterson.

“We must be careful not to assume that he will be Jamaica’s man at the IMF, but his deep and hands-on understanding of the circumstances and challenges of developing countries like Jamaica might cause the IMF to pivot from the orthodoxies of the last few decades and embrace the new reality and possibilities of the global economy not confined to the developed countries,” said Golding.

Added Patterson: “We confidently anticipate that your tenure will be a strong voice for the developing states in the design of fitting structures that will promote monetary reforms in order to ensure growth and prosperity for every human being, regardless of their origin or where they currently dwell.”

Mia Mottley, Prime Minister of Barbados also congratulated Minister Clarke. “On behalf of the Government and people of Barbados, I extend sincere congratulations to Dr Nigel Clarke, Minister of Finance and the Public Service of Jamaica, on his appointment as Deputy Managing Director of the International Monetary Fund,” she wrote on X.

“This achievement marks a significant milestone, not just for Dr. Clarke but for the entire Caribbean region. This appointment is a testament to the talent within our region, and it sets a powerful example for us all,” she said.

In the meantime, IMF Managing Director Kristalina Georgieva said that her proposal to appoint Clarke, succeeding Antoinette Sayeh, had received strong support from the Fund’s board and staff.

Sayeh steps down on September 12 while Clarke takes up his new post on October 31.

Georgieva hailed Clarke as “a tremendous addition to our skills and capabilities”.

“It is a testament to Nigel Clarke’s skills, experience and dedication to public service, and it is also a very important reflection of the voice, the credibility of the Caribbean region,” the IMF managing director told a roundtable of assembled journalists from the Caribbean, adding that with Clarke’s presence, the Caribbean will have much to teach the rest of the world about how to navigate challenges faced.

“Thank you, Caribbean region, for gifting us Nigel Clarke to help us lead the Fund in the next years,” she added.

The day-to-day work of the IMF is overseen by its 24-member executive board, which represents the entire membership and is supported by IMF staff. The managing director is the head of the IMF staff and chair of the executive board and is assisted by four deputy managing directors.

Georgieva said that, in his role, Clarke will help lead the Fund and provide service to its 190 members and will have responsibilities towards the programmes and engagements with IMF member states and be a voice for developing nations.

“He will speak on behalf of the Fund, and represent me in international forums, and he will have the important responsibility to bring through his experience the voice of small island states to us at the Fund,” she said.