Name new Finance Minister, opposition urges gov't

1:38 pm, Tue September 3, 2024

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Finance Minister Dr. Nigel Clarke will take up his appointment as IMF Deputy Managing Director on October 31.

Opposition Spokesman on Finance Julian Robinson

Opposition Leader and PNP President Mark Golding

Political commentator Lloyd B. Smith

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Opposition Spokesman on Finance Julian Robinson; Opposition Leader and PNP President Mark Golding; Political commentator Lloyd B. Smith

By Kimone Witter/Clinton McGregor

The parliamentary opposition is agitating for the naming of the country's new Finance Minister who will replace Dr. Nigel Clarke following his decision to take up the role of Deputy Managing Director at the International Monetary Fund.

His appointment is effective October 31.

Opposition Spokesman on Finance Julian Robinson says with sittings of the House of Representatives set to resume shortly, it is important for the government to remove the uncertainty surrounding Dr. Clarke's last day in office.

"When Parliament resumes, which I think it's going to be in two weeks, we expect that there is going to be a supplementary budget put on the table to deal with the expenditures which have arisen as a result of Hurricane Beryl. I don't know at this stage whether it is the current minister who will shepherd that through or whether the new person will."

"Last week, when the Prime Minister made the announcement, he said he already had someone in mind. Now, we're gone eight days after the announcement and we haven't heard anything about who is going to replace Dr. Clarke as the minister. So it is a concern. We know he starts the [IMF] job on October 31st, but we don't know when he leaves this one," Mr. Robinson contended.

The opposition spokesman, who was speaking Tuesday on the Morning Agenda, on Power 106FM, declined to name the individual he believes might succeed Dr. Clarke.

However, he noted that whomever gets the job will have no honeymoon period and must "hit the ground running".

Financial dilemma

Speaking at a People's National Party constituency meeting in Westmoreland on the weekend, Opposition Leader Mark Golding declared that the country is facing a real financial dilemma with the departure Dr. Clarke, as he similary called for his replacement to be named.

He argued that the Prime Minister was caught off guard with the decision of Dr. Clarke, adding that the administration will struggle to manage the country's financial affairs without him as Finance Minister.

"They are reeling from the impact because a week has passed and all now them can't name a successor to Nigel Clarke in that critical portfolio. And we are in a time where there are lots of matters arising in that ministry.
We have a budget where there is a hole for this fiscal year, and this is before Beryl, because there was a $25 billion of tax giveaways that were supposed to be financed by a single transaction which he never described in his presentation in the budget debate, a securitisation of receivables him call it," Mr. Golding asserted.

The Opposition Leader added that the government has not yet outlined to the country how it intends to finance the massive bill caused by the Hurricane Beryl.

He argued that the $5 billion secured under the Caribbean Catastrophe Risk Insurance Facility is insufficient to plug the approximately $40 billion fallout from the hurricane.

Meanwhile, political commentator Lloyd B. Smith said the Prime Minister must end the suspense by naming the new Finance Minister.

"Well, I think the Prime Minister has failed to convince us that his remark that he had already found a replacement is really so, because if, in fact, he had found a replacement and comfortably had that person agreed to take the post and everything was in place, why the delay?" he questioned.

With the new budget cycle to begin soon and the likelihood of a supplementary estimate in the wake of Hurricane Beryl, Mr. Smith said any prolonged delay by the government to name the new Finance Minister "will create a crisis of confidence for the ruling party".