Sector leaders hail appointment of Fayval Williams as minister of finance
ON Wednesday, newly appointed Minister of Finance and the Public Service Fayval Williams — the first female to ever serve in that role — had the overwhelming support of industry stakeholders as the right fit for the job, with her Opposition counterpart Julian Robinson deeming her the only logical choice.
Prime Minister Andrew Holness made the much-anticipated announcement at Wednesday morning’s post-Cabinet press briefing at Jamaica House after months of speculation. He had disclosed on August 26, that Dr Nigel Clarke would be leaving his finance minister post to take up the position as deputy managing director of the International Monetary Fund (IMF) on Thursday, November 1.
During the press briefing, Holness told reporters that Williams, the former education and youth minister, would assume her new duties with the assistance of his senior advisor, Alok Jain, whom he said is highly regarded for his financial expertise.
Holness said Jain would work closely with Williams as well as with other private sector stakeholders. Jain, who is chairman of the Port Authority of Jamaica, has been a consultant to the prime minister since January 2020, advising on various matters of national policy as well as conceptualising and driving implementation of certain priority projects.
Reacting to the news, Robinson did not appear surprised. He told the Jamaica Observer that having previously worked in the Ministry of Finance and the Public Service as a state minister and minister without portfolio, Williams is already apprised of what the role entails, but stressed that she has work to do.
“Based on the available pool of Members of Parliament on the Government’s side she is the only logical choice; she had previous experience at the Ministry of Finance and would have an understanding of the portfolio. She will have a full in tray of issues to deal with. On the public service side there are still groups of workers who are very restive and dissatisfied with how the public sector compensation review has been handled, notably the Passport, Immigration and Citizenship Agency (PICA) staff and the Jamaica Medical Doctors Association,” he said.
He stressed that the new minister needs to ensure that the wage agreement signed between the Government and the Jamaica Civil Service Association (JCSA) is implemented, noting that members of the JCSA are restive and that notwithstanding the signing of the agreement, nothing official has been put in place to facilitate the payments of outstanding sums.
Robinson also contended that while the Government has managed well to bring down the country’s debt-to-GDP ratio, “growth has remained elusive” and it is therefore critical that the new finance minister also places focus on that.
Also appearing comfortable with the appointment was president of the Private Sector Organisation of Jamaica (PSOJ) Metry Seaga, who told the
Observer that his organisation feels that Minister Williams “is a good candidate”.
“We know that she is more than capable; she is trained for the job. She has some big shoes to fill and we are hopeful that she will be up to the task. She has a good set of staff at the ministry and we are hopeful that the same fiscal responsibility that our previous minister was able to put in place will be maintained,” he said.
President of the Small Business Association of Jamaica (SBAJ) Garnet Reid, too, expressed confidence that Williams will do well in the post, given her financial sector expertise.
“She brings to the table a wealth of knowledge and experience to the business sector, micro, small and medium-sized enterprises and also to big businesses in Jamaica and the economy overall. I think with the [input of the] technocrat (Jain), I think she’ll do a good job as she will be leading the team and we look forward to work with her to ensure that she succeeds in helping the Jamaican economy where possible,” he said.
He noted, however, that there is some “unfinished business” that Dr Clarke left behind that needs to be addressed. He lamented that the United States intermediary bank isn’t taking Jamaican deposits and this needs to be tidied up. He also noted that the Stocks and Securities Limited (SSL) saga is not complete, and also ought to be wrapped up. The investment company has been embroiled in a $4.7-billion fraud scandal since January 2023 which has impacted more than 200 accounts.
“We are calling upon her as well, through the Government of Jamaica, to set up a victim fund for the Financial Sector Adjustment Company (Finsac) meltdown that affected some 30,000 small business operators, as well as medium-sized businesses. We need a victim fund to help those people who have suffered,” he added.
Sharing the sentiments of his counterparts, immediate past president of the Micro, Small and Medium-sized Enterprises (MSME) Alliance Donovan Wignal said Williams’ selection is without question as the prime minister would have had ample time to check within his Cabinet to choose the “most suited” person for the position.
“The work in progress continues, and there is no doubt that the newly minted Minister Fayval Williams will bring her own flavour to the table. While I am sure the prime minister and his Cabinet, and by extension the country at large, will miss Nigel Clarke and do wish him bon voyage, I think there is plenty of talent to continue the great work he started,” he said. He added that Williams will inherit an experienced and qualified team of individuals at the Ministry of Finance, who would have worked closely with Minister Clarke in the execution of Jamaica’s fiscal programme to date.
In the meantime, highlighting why Minister Williams was the best choice, Prime Minister Holness said that she had served with distinction in her previous roles in the finance ministry, and that her resume recommends her to the position.
“The stakeholder community that she will serve specifically would want to know that someone who is going to be in that area has some technical competence, and so I don’t think there could be any question about Minister Williams’ technical competence in that field. But more than that, she also has practical experience. She worked in the financial sector for many years, she is a business person, and has the experience of starting her own business. And therefore, she would understand quite a bit about business,” he said.
Holness noted as well that the Ministry of Finance is not only about business as a large part of the effort of the former minister of finance was in dealing with the unions and the wage issues and ensuring that the public sector is properly managed, and the new minister, therefore, has to have those skills — which Williams possesses.
“The idea, of course, is to ensure that whoever is in the Ministry of Finance is a disciple of the Government’s policy of fiscal discipline, that is what is really important. I could never put anyone there who is going to in any way depart from the hard-earned gains and sacrifice of the Jamaican people to get us to where we are today, and I’m confident that Minister Williams is a disciple,” he said.
In response, Williams thanked the prime minister for his trust and confidence in her, noting that she was “deeply honoured and profoundly humbled” to be given this opportunity to be Jamaica’s minister of finance.
“The role is one of great responsibility and it comes at a pivotal moment in our country’s journey. We’re in a time that continues to demand vision, resilience and a steadfast commitment to building a future that offers both stability and opportunity for all citizens,” she said.
