Business leaders say Clarke’s departure for IMF role bittersweet
Business interests say it’s a “bittersweet” announcement that Finance Minister Dr. Nigel Clarke is leaving government for a post at the International Monetary Fund.
Private Sector Organisation of Jamaica (PSOJ) President Metry Seaga and President of the Jamaica Manufacturers and Exporters Association (JMEA), Sydney Thwaites, congratulated him on the appointment.
“[It is] completely unexpected, but at the same time very proud to know that a Jamaican is sitting very near to the seat of power in one of the most powerful institutions in the world,” said Mr. Seaga.
Mr. Thwaites suggested that Mr. Clarke inspired confidence in the business community.
“We are thankful for the service that he has given to the country and the steady hand he has shown. I think we have seen an improvement of our overall macro economics under his leadership and stewardship, so it was a lot of regard for that. I think he will be missed,” he conceded.
While they both refrained from naming a possible replacement, the business leaders say the new finance minister must have a keen interest in maintaining fiscal stability.
“Whilst having the fiscal responsibility on a tight reign, I would like to say the Ministry of Finance become a little more proactive in terms of business arrangements and how things move through the Ministry of Finance. Sometimes things are a bit slow because the funding is not there, but sometimes things are a bit slow because of the bureaucracy that exists in such a massive ministry,” reasoned. Mr. Seaga.
“I think we need to continue to strengthen the overall economy,” Mr. Thwaites proposed for the long-term interest of the country. “I think we need to look at some policies that really grow the manufacturing sector. I think what has been put in place has given us a framework and now I think we are going to have to be really smart about where we spend that extra discretionary income that we are not spending on interest.”
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