KINGSTON, Jamaica (JIS) — Finance and the Public Service Minister, Audley Shaw, has been named Finance Minister of the Year for the Caribbean by the GlobalMarkets newspaper.

The publication reports on developments in the International Monetary Fund, World Bank, European Bank for Reconstruction and Development, Asian Development Bank, and the Inter-American Development Bank annual meetings.

Managing editor of the publication, Toby Fildes, noted that Shaw has an impressive roster of economic reforms that was started by the previous administration, which demonstrates Jamaica’s political stability.

“You have kept a tight hand on government spending – fiscal surplus is very high – which will help whittle down government debt,” Fildes said in a letter to the minister dated August 24.

Fildes added that Jamaica has been cited as a stand-out performer on its fiscal targets and the new Government is now targeting faster growth.

“These measures are paying off. The minister recently approached the market with a liability management exercise. In addition, the country’s ratings have been on the up since 2014, with Moody’s lifting the country to B3 in November,” he noted.

Shaw, in accepting the award on behalf of Prime Minister Andrew Holness, the Government of Jamaica and the people, said he felt honoured and looks forward to collecting it in Washington DC in the United States come October.

Last year, GlobalMarkets recognised Bank of Jamaica (BOJ) Governor, Brian Wynter, as the 2016 Governor of the Year.

At that time, the newspaper’s editorial committee cited Wynter’s admirable stewardship during difficult times in the international financial markets, acknowledging him as a “well respected figure who has been stable and solid amid change of Government”.