BOJ retains former Jamaican IMF official - Marston to advise on updating investment framework for non-bank financial sector

Finance Minister Dr Nigel Clarke last night announced that the Bank of Jamaica (BOJ) has retained the services of David Marston, a former senior advisor, deputy director, and chief risk officer of the International Monetary Fund (IMF) to help update the investment framework for the non-bank financial sector.

Dr Clarke, who was speaking at the Caribbean Association of Insurance and Financial Advisors in Montego Bay, pointed out that the Financial Stability Report produced by the Bank of Jamaica stated that the non-bank financial sector, consisting of pension funds, insurance companies, security dealers and collective investment schemes had assets of $1.7 trillion in 2017 and, in assets, is larger than the banking sector.

“We want to ensure that while macro-prudential stability is maintained, deepened, and entrenched, the regulatory framework for the non-bank financial sector provides a foundation that allows for the deepening of financial inclusion and the acceleration of economic expansion,” Clarke said.

Marston, a Jamaican, is currently a member of the Eminent Persons Group of the G-20 and is highly respected for his work advising central banks and governments around the world.

Marston worked at the BOJ as a senior director before going to the IMF in 2014. He served first in the Monetary and Capital Markets Department as assistant director before moving to the Strategy Policy and Review Department as deputy director.

Commenting on the retention of Marston's services, Clarke said, “The reduction in government borrowing — public debt now projected to fall below 100 per cent of GDP by end March 2019 — creates real opportunities to accelerate our efforts to convert and redirect savings into investment, job creation and economic empowerment for all Jamaicans. In the near term this will involve a focus on a revised investment framework for the non-bank financial sector.

“In parallel, we will focus on creating opportunities for improved access to credit and financial services to support business and entrepreneurial activity across the board, as envisaged in the National Financial Inclusion Strategy.”

 


Comments (0)

Post a Comment
* Your Name:
* Your Email:
(not publicly displayed)
Website:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image:
* Message:

Email to Friend

Fill in the form below to send this news item to a friend:

Email to Friend
* Your Name:
* Your Email:
* Friend's Name:
* Friend's Email:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image
* Message: