Fayval Williams ready to build on economic gains as new Finance Minister

Newly appointed Minister of Finance and the Public Service Fayval Williams says she is ready to continue building on the economic gains achieved by the Holness administration in her new role. 

She replaces Dr Nigel Clarke who demitted office today to take up a deputy managing director post at the International Monetary Fund.

Acknowledging that her role is “one of great responsibility”, Williams said her appointment comes at a pivotal moment in Jamaica's journey. 

“We are in a time that demands, and continues to demand vision, resilience, and a steadfast commitment to building a future that offers both stability and opportunity for all citizens,” she said. 

She stated her commitment to “work tirelessly to continue to make this vision a reality.” 

“In this role, I pledge to prioritise accountability and innovation and to listen closely to the needs and aspirations of those we serve. Our economy, like those we serve, continues to face challenges, but I see in these challenges incredible opportunities to continue to build on the foundation that has been created, to create an even more resilient country,” she said. 

She noted that the country has achieved growth over some quarters, but there is a need now for an acceleration of that growth. 

“I am committed to the continued pursuit of fiscal prudence, and creative solutions, one that values the expertise of all the members of the Ministry of Finance and the Public Service. I will seek to collaborate with industry leaders, civil society, and most importantly, the citizens we serve,” she said. 

Williams, who is the Member of Parliament for St Andrew Eastern, is the first female to serve as Jamaica's Finance Minister. 

She had previously served as a Minister without portfolio in the Ministry of Finance and the Public Service. 

Prime Minister Andrew Holness said Williams has the experience and expertise to execute the duties of her new role. 

“She is not new to the portfolio, if you were to look at her resume, her resume does recommend her to the position,” he said. 

Williams is a chartered financial analyst and former director of Kingston Properties Limited.

She also served as Chief Investment Officer for Jamaica Money Market Brokers.

In 2004, Williams consulted with the Financial Services Commission in the area of Research and Policy. 

She also served in key leadership roles in the United States before returning to Jamaica.

She was Senior Vice President at Putnam Investments in Boston.

She also held positions at Wellington Management Company and Northwestern Mutual Life Insurance Company.

Williams' professional foundation also includes roles at Equitable Real Estate Investment Management and Morgan Stanley, where she specialised in valuation analysis and information systems.

“This business of people presenting their academic qualification as a basis for their appointment to political office is not something that I necessarily make a priority in the decision, but the truth is that the stakeholder community that she will serve specifically would want to know that someone who was going to be in that area has some technical competence,” Holness said. 

- Sashana Small

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