Finance Minister Dr. Nigel Clarke is set to be appointed Deputy Managing Director of the International Monetary Fund, effective October 31 this year.

Managing Director of the IMF Kristalina Georgieva made the announcement of the proposal this morning.

Dr. Clarke will succeed Antoinette Sayeh, who will step down on September 12.

Reacting to the announcement, Prime Minister Andrew Holness said Dr. Clarke’s appointment would be a historic and important development.

He explained that it would be a tremendous net gain for Jamaica and the Caribbean.

Noting Dr. Clarke’s contributions during his public sector career, Mr. Holness said he brought creativity, imagination and passion to his job and has had many policy achievements.

He said successors to Mr. Clarke in his ministerial and parliamentary responsibilities have already been identified.