Shehbaz is likely to pick banker Aurangzeb as next finance minister of Pakistan.
Newly-elected Prime Minister Shehbaz Sharif is poised to announce his selection for Pakistan’s next finance minister, with reports indicating that seasoned banker Muhammad Aurangzeb is a leading contender for the crucial position.
This development follows the sidelining of former finance minister Ishaq Dar, a close aide to Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif, due to health concerns.
Aurangzeb, currently serving as the president of HBL, brings a wealth of experience to the table, boasting a distinguished career spanning over three decades in international banking.
Having held prominent roles, including CEO of JP Morgan’s Global Corporate Bank in Asia, his nomination underscores Prime Minister Shehbaz’s emphasis on tapping into expertise from the financial sector to tackle Pakistan’s economic challenges.
It seems that Mr. Aurangzeb a successful international career banker for over 35 years having served most recently at Pakistan’s big commercial Bank (HBL) as President & CEO,has failed to deliver the required result and may end up in the same fate like Mr. Shabbar zaidi.
— Irfan Muhammad Sana (@Arfansana85x) June 16, 2024
Initially, Sultan Alanna, chairman of HBL, emerged as a prime candidate for the finance minister role due to his extensive financial acumen and contributions to initiatives such as the Roshan Digital Account and managing Pakistan’s status with the FATF.
However, Alanna’s prior international commitments, particularly related to the Aga Khan, rendered him unavailable for the position.
Against the backdrop of Pakistan’s $350 billion economy grappling with various hurdles, including an imminent expiry of the existing IMF agreement on April 11, the selection of the finance minister assumes paramount significance.
With the need for astute leadership in navigating negotiations with the IMF for a new Extended Fund Facility (EFF), Prime Minister Shehbaz has already initiated talks with the international financial institution.
The impending announcement of the finance minister’s appointment has captured the attention of economists, investors, and foreign stakeholders, all keenly observing how the incoming official will steer Pakistan’s economic trajectory and address pressing financial imperatives.
As Shehbaz is likely to pick banker Aurangzeb as next finance minister of Pakistan, the chosen candidate will shoulder the weighty responsibility of charting a course toward economic recovery and stability.
