Against the backdrop of economic challenges in the Caribbean and the current state of geopolitical fragmentation, it’s important for policymakers to determine how best to unlock the region’s potential, boost productivity, and foster resilience. These are the overarching themes that Dr. Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), will address as keynote speaker at the 2025 edition of the William G. Demas Memorial Lecture.

The Lecture, titled “The Caribbean Challenge: Fostering Growth and Resilience Amidst Global Uncertainty,” will take place on Tuesday, June 10, 2024, at 7:00 pm (UTC/GMT-3) during the Caribbean Development Bank’s (CDB) 55th Annual Meeting in Brasília, Brazil.

“We acknowledge the vital role of innovative thinking in tackling the Caribbean’s major challenges,” said CDB President Daniel Best. “Dr. Clarke’s extensive experience and deep insight into our economic landscape make him uniquely positioned to offer transformative insights on fostering growth and resilience in this time of global uncertainty. This lecture serves as both an inspiration and a call to action for leaders across the region to collaboratively build a stronger Caribbean.”

Before assuming the role of IMF Deputy Managing Director in October 2024, Dr. Clarke served as Jamaica’s Minister of Finance and the Public Service and a Member of Parliament from March 2018. He was Jamaica’s Ambassador of Economic Affairs from 2016–2018.

Under his stewardship, Jamaica implemented a multi-layered disaster risk financing model and became the first small country to independently sponsor a catastrophe bond, with World Bank assistance. In 2023, Jamaica successfully completed its first-ever international issue of a local currency denominated bond, and in 2024, the country successfully executed its first-ever securitization transaction in international capital markets.  

In 2022, Dr. Clarke was elected Chairman of the Board of Governors of the Inter-American Development Bank and the Inter-American Investment Corporation. Prior to joining the public service, he was Vice Chairman and Chief Financial Officer of the Musson Group, a regional conglomerate, having started his career as an Equity Derivatives Trader at Goldman Sachs in London.

“Two key economic challenges that cut across most of the Caribbean are growth and resilience,” said Dr. Clarke. “In recent decades, the Caribbean has witnessed a steady decline in potential growth, while buffers remain limited. Global uncertainty is compounding these challenges, with geopolitical fragmentation and policy shifts.”

Dr. Clarke holds a PhD in Numerical Analysis from Oxford University where he was a Rhodes Scholar, and a Master of Science Degree in Applied Statistics, also from Oxford, while he was a Commonwealth Scholar. He also holds a Bachelor of Science Degree in Mathematics and Computer Science from the University of the West Indies where he was a Jamaica Independence Scholar.

The William G. Demas Memorial Lecture is a flagship event at the 55th Annual Meeting of the Bank’s Board of Governors, which runs from June 9–12, 2025. The event will be streamed live on CDB’s website, as well as on the Bank’s LinkedIn, Facebook and YouTube channels. Last year’s keynote speaker was Mr. Paul Barnaby (PB) Scott, Chief Executive Officer, Chair, and Principal Shareholder of the Musson Group in Jamaica. In 2023, the Executive Secretary of the United Nations Framework Convention on Climate Change, Mr. Simon Stiell, delivered the keynote address. In 2022, the keynote speaker was Dr. Akinwumi Adesina, President of the African Development Bank Group.

The William G. Demas Memorial Lecture Series seeks to honour the thought leadership of CDB’s second President by bringing into focus the issues and initiatives of significance to the economic development of the Bank’s member countries. Mr. Demas was a politician and banker from Trinidad and Tobago, and the first Secretary-General of the Caribbean Community (CARICOM), from 1973 to 1974. He was also Secretary-General of the Caribbean Free Trade Agreement (CARIFTA) from 1969 to 1973.