Business leaders express confidence in new finance minister

Business leaders have expressed confidence in the ability of newly appointed Minister of Finance and the Public Service Fayval Williams, to manage Jamaica’s macroeconomic affairs.

Stakeholders from the Private Sector Organisation of Jamaica (PSOJ), Jamaica Manufacturers and Exporters Association (JMEA), and the Micro, Small and Medium-Sized Enterprise (MSME) Alliance concur that Williams has the requisite qualifications and experience to build on the sound economic management platform laid by her predecessor, Dr Nigel Clarke.

PSOJ President, Metry Seaga, pointed out that, “whilst she has big shoes to fill, minister Williams has the credentials and the experience to do a fine job”.

“We encourage her to maintain the policies that have brought us to a solid fiscal place internationally. We also encourage her to look forward to developing growth in the economy,” he added.

Seaga maintained that growth must be paramount in the new minister’s plan, pointing out that, “we have done the hard work as a country; it is time now for the people to reap those benefits”.

JCC Chief Executive Officer, Larry Watson, is also of the view that, “minister Williams is well qualified for the post”, adding that “we have full confidence that she will do well.

“She follows on the heels of Jamaica’s most successful minister of finance and the public Service, so she has big shoes to fill. Her success will, in part, be measured on the extent to which Jamaica can achieve substantial and sustained economic growth. We wish her all the best in her new role,” Watson stated.

Meanwhile, the MSME Alliance pointed out that a majority of its members, “view the appointment in a favourable light”.

The alliance further stated that 83.3 per cent of its membership believes that there was no better option for appointment by Prime Minister,  Dr Andrew Holness, than Williams.

Meanwhile, the JMEA, in a release, also expressed confidence, “in minister Williams’ leadership and commitment to advancing Jamaica’s economic landscape”.

The association added that it, “looks forward to working together to foster a more competitive and resilient business environment”.

“The JMEA looks forward to continued engagement with the ministry and the private sector, in pursuit of Jamaica’s macroeconomic stability. We believe strongly in the need to address red tape and bureaucracy that hinder private-sector growth and development,” the organisation further stated.

The entity indicated that it would continue to lobby for the promulgation of laws that will simplify the process for doing business in Jamaica.

“We urge the timely implementation of regulations under the Pioneer Industry Act and the Large-scale Industry Act, part of the OMNIBUS Incentive Act that has been pending since 2014, to create an environment that encourages investment and growth,” the JMEA release outlined.

Williams was appointed Minister of Finance and the Public Service on Wednesday by Prime Minister Holness, who made the announcement during a post-Cabinet press briefing at Jamaica House.

A Chartered Financial Analyst (CFA), Williams holds a Master’s in Business Administration (MBA) with concentration in Finance from the Wharton Business School and a Bachelor of Arts (cum laude) in Economics from Harvard University in the United States.

Williams, who is Member of Parliament for St Andrew Eastern, is the first female to be appointed portfolio minister in the finance ministry.