Letter of the Day | How influential will Nigel Clarke be at the IMF?
Published:Tuesday | September 17, 2024 | 12:06 AM
THE EDITOR, Madam:
We are told, when in Rome do as Romans do. The recruitment and appointment of Dr Nigel Clarke as deputy managing director of the International Monetary Fund (IMF), amid all the euphoria from many highly respected business and political leaders. It’s a significant milestone achievement, and congratulations are in order for Dr Clarke.
Is Dr Clarke’s appointment ambassadorial for Jamaica and other developing countries who borrow from the IMF? Individuals and institutions act first and foremost in their perceived best interests. The recruitment of Dr Clarke to the IMF should be viewed likewise. It’s no different when a man dwells among pastors, politicians and the prudent; he will appear, and usually becomes, like them.
Vantage point determines views. One observes this quite often. We can recall Ruel Reid, a master teacher and a transformational former headmaster of Jamaica College. When he was the president of the Jamaica Teachers’ Association (JTA), he championed the mission of that organisation. But later, as education minister, naturally represented the interests of the Government when dealing with the JTA.
What influence will Dr Clarke wield as deputy managing director of the IMF? In relatively recent memory, there was the grand euphoria engulfing the election of Barack Obama as the president of the United States in 2008. But ‘Brother Barry’s’ tenure in the White House did not reduce racism in America in any notable way. And Obama was the chief.
Dr Clarke is a shining star whose brilliance and expertise should be applauded. I am confident he will shine brightly at the IMF. But analogically, even the most skilful and experienced driver cannot drive a vehicle to 90 miles per hour if, by defect or design, it’s limited to 80 miles per hour. The reality is, governments, corporate and financial institutions have well-established power structures, philosophies and policies to which even leaders are expected to adhere. Moreover, it’s undeniable: Who pays the piper calls the tune; and employees are expected to represent their employers’ interests.
It is, therefore, quite reasonable to conclude that when Dr Clarke sings in his new job, the tune will be an IMF one representing its interests, which will not necessarily align with those of borrowers and developing countries like Jamaica.
DAIVE FACEY