Wed | Nov 22, 2017

Shaw awarded Finance Minister of the Year for the Caribbean

Published:Tuesday | October 17, 2017 | 12:00 AM
Minister of Finance and Public Service Audley Shaw (center) displays his Finance Minister of the Year for the Caribbean 2016 trophy after he was presented with the award at the GlobalMarkets Annual Awards Reception held at Willard Intercontinental Hotel in Washington, DC on Saturday. Others from left are: Managing Director of GlobalMarkets Newspaper, John Orchard and Director of GlobalMarkets, Ruth Beddows.
Audley Shaw
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Finance and the public service minister Audley Shaw has been awarded Finance Minister of the Year for the Caribbean 2016 by the GlobalMarkets newspaper.

He was among 15 other finance ministers and governors of banks that received awards at the GlobalMarkets Annual Awards Reception held at the Willard Intercontinental Hotel in Washington, DC, United States, on Saturday.

GlobalMarkets managing director John Orchard said that Shaw was awarded for beating expectations and for being focused on growth and stability.

"The results of Jamaica's economic performance are very impressive. The fiscal performance stands out, and the new administration has run a large primary surplus," Orchard said.

He added that though Shaw had a tough mandate, he 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 gross domestic product (GDP) ratio.

 

Focus on debt

 

"His focus on cutting debt with an aggressive programme of consolidation, including 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 stated.

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

Shaw said that he was honoured and humbled that the Editorial Committee of GlobalMarkets Newspaper had selected him as the 2016 Finance Minister of the Year for the Caribbean.

He noted that the award was a welcome recognition of the tremendous hard work and sacrifice that the people of Jamaica had been making and an affirmation that the country's economy was now firmly on a path to growth and wealth creation.

"I am particularly heartened to receive this award as my government, led by Prime Minister Andrew Holness, was only given the responsibility for the stewardship of our 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 stated.

He also paid tribute to the multilateral development partners who provided Jamaica with significant support.