IMF Managing Director Kristalina Georgieva Nominates Nigel Clarke as Deputy Managing Director
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has announced her intention to appoint Mr. Nigel Clarke as Deputy Managing Director, effective October 31, 2024. Mr. Clarke is set to succeed Ms. Antoinette Sayeh, who will step down from her role on September 12.
In her announcement, Ms. Georgieva praised Mr. Clarke as an outstanding public servant and policymaker with a strong track record in economic crisis management and institution building.
Since 2016, Mr. Clarke has played a pivotal role in Jamaica’s economic turnaround through his work with the IMF on various successful programs, including an Extended Fund Facility, a Stand-By Arrangement, and most recently, a Precautionary Liquidity Line plus Resilience and Sustainability Facility.
“Nigel Clarke’s leadership has guided Jamaica’s economy to a stronger and more sustainable position,” said Ms. Georgieva. “His experience and expertise will be invaluable to the IMF as we continue to navigate global economic challenges.”
Mr. Clarke has served as Jamaica’s Minister of Finance and the Public Service and as a Member of Parliament since March 2018. His tenure has been marked by significant national reforms, including the establishment of central bank independence, the creation of an independent fiscal commission, and various other reforms in tax policy, public governance, and investment management.
He also led Jamaica’s economic response to the COVID-19 pandemic, oversaw the privatization of major infrastructure assets, and implemented innovative disaster risk financing models.
In 2022, Mr. Clarke was elected Chairman of the Board of Governors of the Inter-American Development Bank and the Inter-American Investment Corporation. Before entering public service, he held leadership roles in the private sector, including Vice Chairman and Chief Financial Officer of the Musson Group and as an Equity Derivatives Trader at Goldman Sachs in London.
Mr. Clarke holds a PhD in Numerical Analysis and a Master of Science Degree in Applied Statistics from Oxford University, where he was a Rhodes Scholar and a Commonwealth Scholar.
He also earned a Bachelor of Science Degree in Mathematics and Computer Science from the University of the West Indies as a Jamaica Independence Scholar.
Mr. Clarke’s appointment is expected to bring his extensive experience and strategic vision to the IMF’s leadership, contributing to the organization’s mission of promoting global economic stability and growth.
