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Audley's hour

Shaw thanks staff, Jamaican people after receiving Caribbean Finance Minister of the Year award in Washington

Tuesday, October 17, 2017



WASHINGTON, DC, United States — Audley Shaw on Saturday received the Caribbean Finance Minister of the Year 2016 award and, just as he did when news of his selection had been made public in August, he thanked his staff at the finance ministry and reiterated that the award is a recognition of the hard work and sacrifice made by the Jamaican people.

Minister Shaw was among 15 other finance ministers and governors of banks who were awarded by GlobalMarkets, the newspaper of record at the International Monetary Fund/World Bank, European Bank for Reconstruction & Development, Asian Development Bank, Asian Infrastructure Investment Bank, and Inter-American Development Bank annual meetings.

In presenting the award, GlobalMarkets Managing Director John Orchard said Shaw was being recognised for beating expectations and being focused on growth and stability.

The results of Jamaica's economic performance are very impressive and the new Government has run a large primary surplus.

Orchard added that Shaw had inherited the timeless task of pushing through the restoration of economic reform launched by the previous Administration and necessitated by the country's debt-to-GDP ratio.

“His focus on cutting debt with an aggressive programme of consolidation included overhauling the tax system and jettisoning some 40 per cent of State-owned companies. And, to top it off, he is carrying a five per cent GDP growth rate within four years,” Orchard told the GlobalMarkets Annual Awards Reception at Willard Intercontinental Hotel in Washington, DC.

“With such a performance, Minister Shaw, you are more than worthy of receiving the Finance Minister of the Year Caribbean award and we are more than honoured to present it to you,” Orchard said.

Minister Shaw, on accepting the award, said, “I am honoured and humbled that the Editorial Committee of GlobalMarkets newspaper has selected me as the 2016 Finance Minister of the Year for the Caribbean. This award is a welcome recognition of the tremendous hard work and sacrifice that the people of Jamaica have been making and an affirmation that our economy is now firmly on a path to growth and wealth creation.”

He said he was particularly heartened to receive the award as the Andrew Holness-led Government was only given the responsibility for the stewardship of Jamaica's economy in February 2016.

“At that time I was charged with the responsibility of leading the team at the Ministry of Finance on this ambitious and challenging journey of economic transformation. Without their expertise, professionalism and unwavering dedication, I would not be here accepting this award today,” Shaw said.

He paid tribute to the multilateral development partners who provided Jamaica with significant support as the country embarked on reforms that have further enhanced its overall fiscal management, improved efficiency and fairness of the tax system, and generally modernised the operations of the entire public sector.

Minister Shaw also thanked staff at the Bank of Jamaica, other government agencies, as well his own staff at the Ministry of Finance.

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