Washington, D.C. – Minister of Finance and the Public Service, the Hon. Audley Shaw was on Friday, October 13th 2017, the honored guest at a celebratory reception hosted by the Embassy of Jamaica, under the auspices of Her Excellency, Audrey P. Marks. The event was a prelude to Minister Shaw accepting the Global Markets Finance Minister of the Year Caribbean Award at the annual awards ceremony in his honor the following day.
Speaking to the packed conference room at the Embassy, Ambassador Marks lauded Minister Shaw for his excellent work in “running” the economy, his fiscal conservative approach to government spending and for implementing innovative policies that have attracted international commendations from the IMF and other Multi-lateral financial Organizations. She also noted that under Minister Shaw’s leadership, Jamaica continues to become a more attractive destination to do business.
Minister shaw commends praise for major structural reforms in treasury, management, tax reform, pension reform and public sector reform. He handed the then incoming administration a stable economy with stable exchange rates, adequate International reserves, low inflation rates that sharply reduced interest rates and returned growth to the economy – all done during the worst economic recession the world had ever seen.
Prime Minister of St. Lucia, The Most Hon. Allen Chastanet who was also in attendance, expressed how pleased he felt when he heard that Minister Shaw was being recognized as the best Finance Minister in the Caribbean.
As a West Indian – a Caribbean man, I am so proud of his personal achievements and more importantly what he has been doing for Jamaica. I am certainly one of them who believes that in order for all of us to be able to fulfill our greatest potential it needs a collaborative effort and so I will always be one to celebrate the excellence of the Caribbean.
Prime Minister Chastanet closed by congratulating and reminding Minister Shaw that he’s not only carrying the flag for Jamaica but for the Caribbean at the awards ceremony to be held the next day.
The following afternoon, Minister Shaw was again honored by Global Markets Managing Director John Orchard at the Awards Reception held at the Willard Intercontinental Hotel. Mr. Orchard in presenting the award, spoke highly of Jamaica’s economic turnaround under Minister Shaw’s leadership and the impressive fiscal performance of the government that “has run a large primary surplus”.
His focus on cutting debt with an aggressive program of consolidation including overhauling the tax system and jettisoning some forty-percent of state-owned companies and to top it off, he is carrying a five percent GDP growth rate within four years. 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 honored to present it to you.
For his part, Minister Shaw thanked the Editorial Committee of the GlobalMarkets Newspaper for their recognition of Jamaica’s hard work and lauded all the stakeholders both locally and internationally for their support, expertise and commitment to helping the Government bring about macroeconomic reforms and sustainable economic growth.
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 of growth and wealth creation.
Minister Shaw was in Washington on a three day official visit for the IMF/World Bank Annual Meetings and was accompanied by Minister of State, Hon. Faval Williams, Governor of the Bank of Jamaica, Mr. Bryan Winter, Darlene Morrison, Acting Financial Secretary, Dian Black, Principal Senior Director and Hillary Robertson, Senior Technical Assistant to the Minister in the Ministry of Finance.