Fayval Williams appointed as Jamaica’s new Minister of Finance

Fayval Williams, has been named Jamaica’s new Minister of Finance, succeeding Nigel Clarke, who resigned to become Deputy Managing Director at the International Monetary Fund (IMF).

Prime Minister Andrew Holness announced the appointment on Wednesday, aligning with Clarke’s departure for his new role at the IMF.

To fill the vacancy left in the Ministry of Education, Senator Dana Morris Dixon has been appointed as the new Minister of Education and Youth.

“These appointments are designed to maintain stability, minimize operational disruptions, and steer the government towards a growth-oriented economic policy,” Holness remarked.

Williams, brings extensive financial experience to her new role. She is a Chartered Financial Analyst (CFA) and holds an MBA in finance from the Wharton School at the University of Pennsylvania, as well as a cum laude BA in Economics from Harvard University.

Her career spans both public and private sectors. Before her political career, Williams was Executive Director of Kingston Properties Limited and Chief Investment Officer at JMMB Limited, where she led investment research, trading, and pension portfolio management.

She also consulted for JMMB on market risk and investment research, influencing investment strategies and public offering valuations. She has also contributed to policy and research initiatives with Jamaica’s Financial Services Commission (FSC).

Williams developed her expertise in the U.S. through roles such as Senior Vice President at Putnam Investments in Boston, where she managed equity portfolios and spearheaded the creation of a market-neutral hedge fund. Earlier in her career, she worked at Wellington Management on fixed-income investments and managed a US$3 billion fixed-income portfolio at Northwestern Mutual Life Insurance.

Her foundational experience also includes roles at Equitable Real Estate Investment Management and Morgan Stanley, focusing on valuation analysis and information systems.

Williams entered politics in 2016, serving as State Minister in the Ministry of Finance under Audley Shaw, then advancing to full minister in 2018. She joined Clarke at the Ministry of Finance before leading the Ministry of Science, Energy, and Technology in 2019.

She became the first woman to serve as a minister in both the Ministry of Finance and the Public Service, as well as in science, energy, and technology. Since 2020, she has held the post of Minister of Education and Youth.