Pakistan’s Largest Bank CEO Tapped as Finance Minister by New Cabinet

In a recent development, the Chief Executive Officer of HBL Bank, Mr Muhammad Aurangzeb, has been appointed as the federal finance minister in Pakistan’s new Cabinet. This decision was made by the newly-elected Prime Minister, Shehbaz Sharif, in an effort to address the economic and political challenges faced by the nation.

Mr Aurangzeb’s appointment comes at a crucial time following a national election that resulted in a coalition alliance and no single party holding a majority. With the country’s economic difficulties at the forefront, Prime Minister Sharif has entrusted the critical role of finance minister to Mr Aurangzeb, who will be stepping down from his position at HBL Bank to take on this new responsibility.

“I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan,” expressed Mr Aurangzeb in a statement released by HBL.

The decision to appoint Mr Aurangzeb over seasoned veterans signals a shift in strategy as the country seeks to overcome its economic challenges, including high inflation and significant external financing requirements. Additionally, former finance minister Ishaq Dar was also named as a federal minister and is likely to assume the foreign ministry portfolio, according to sources.

The new Cabinet was sworn in at a ceremony on March 11, and the official announcement of portfolios for the ministers is yet to be made. Moreover, the expiry of Pakistan’s current International Monetary Fund programme in April adds urgency to the need for strategic economic planning and negotiations for a new, longer-term bailout.

In a letter sent by Prime Minister Sharif to President Asif Ali Zardari, a list of 19 names, including Mr Aurangzeb and Mr Dar, was presented for the appointment of the Cabinet. Notably, there was only one woman’s name proposed as a state minister on the list.

While Mr Aurangzeb does not currently hold a seat in Parliament, local laws allow him to serve as a minister for a maximum of six months without one. However, sources have indicated that plans are underway for him to secure a Senate seat in the near future.

The inclusion of Mr Aurangzeb in the new Cabinet underscores the government’s commitment to navigating the economic challenges and charting a path towards sustainable growth and development for Pakistan.

As the nation prepares to tackle its economic and political crises, the appointment of Mr Aurangzeb as the finance minister brings a wealth of experience and expertise to the forefront, positioning Pakistan for a new chapter of economic resilience and progress.