The Opposition People’s National Party (PNP) is expressing concern about the possible negative impact on the Jamaican economy when Dr Nigel Clarke leaves his role as finance minister to take up a job as deputy managing director of the International Monetary Fund (IMF) on October 31.

And the Opposition’s concerns are shared by financial analyst Ralston Hyman despite a claim by Prime Minister Andrew Holness that the Government has identified a successor to Clarke in his ministerial and parliamentary responsibilities, “and there will be a smooth transition in both capacities”.

In a mid-morning release on Monday, Holness did not name who will replace Clarke but said, “Further updates will be provided in due course and the public can expect policy continuity and a continuation of the economic achievements”.

That provided no solace to Hyman who told the Jamaica Observer that the country is facing a major crisis as there is no one on the Government benches in the House of Representatives who can inspire confidence in the country which “is in a perilous financial state”.

“We have had nine consecutive quarters of deceleration in the rate of economic recovery and expansion, and the governor of the Bank of Jamaica is reporting that there will be a decline of 1.5 per cent [and 0.5 per cent on the high end] this year,” said Hyman.

“Dr Clarke has also left the budget unfinished as he never told us where the [additional] $45 billion [in receivables to finance the 2024/25 budget] would come from, and then there is the problem relating to Hurricane Beryl, which preliminarily the damage was $50 billion.

“We were expecting Dr Clarke to be around to prepare the supplementary estimate and to move the country out of this crisis and he is leaving so that makes it very difficult,” added Hyman.

He argued that the crisis facing Jamaica is compounded by his estimation that there is no obvious successor to Dr Clarke in the Government.

“There is nobody who we can identify inside that Parliament who could run the Ministry of Finance. So we have a national crisis which could lead to the calling of an early general election,” said Hyman as he dismissed the possibility of Holness taking on the role.

“The prime minister is already overburdened and we do not see the prime minister as particularly skilled in financial economics so that would not be a confidence-building move,” declared Hyman.

In the meantime, while extending congratulations to Clarke on his appointment, the PNP said this development raises significant concerns about the future of Jamaica’s economic management and leadership.

“Dr Clarke’s departure comes at a critical juncture for our country as we face serious economic challenges, including the spiralling cost of living and the negative growth impact of the recent hurricane,” the PNP said in a news release.

“The timing of Dr Clarke’s departure also brings into question the Government’s ability and commitment to addressing the ongoing economic burdens facing the Jamaican people. We are constrained to ask whether his move, at this time, signals the abandonment of a sinking ship, leaving the Jamaican population to grapple with these unresolved issues,” added the PNP.

In its release the PNP also urged the Government to provide immediate clarity on the transition plan for the Ministry of Finance, how it intends to manage the current economic pressures, and what strategies will be employed to mitigate the impact on the most vulnerable in our society.

“The PNP stands ready to work constructively in the national interest to ensure that Jamaica navigates these challenging times. We remain committed to advocating for economic policies that prioritise inclusive and sustainable economic growth and the well-being of all Jamaicans,” said the PNP as it wished Clarke success in his new role, which it describes is a notable achievement for Jamaica on the global stage.