ISLAMABAD: Well-known banker Muhammad Aurangzeb is poised to become the nation’s next finance minister, according to sources on Tuesday, as newly-elected Prime Minister Shehbaz Sharif prepares to appoint his federal cabinet.
The sources added that Ishaq Dar, a former finance minister and a close associate of Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif, is no longer in contention due to health issues.
Dar might be offered another significant position, the sources said, as he had encountered challenges in reviving the stalled International Monetary Fund (IMF) program during the previous Pakistan Democratic Movement.
Aurangzeb is currently serving as the president of HBL. He has previously served as the CEO of JP Morgan’s Global Corporate Bank in Asia and has extensive international banking experience of over 30 years in various senior management roles.
Meanwhile, sources also indicated that the government’s initial preference for finance minister was Sultan Alanna, the chairman of HBL, due to his extensive experience in finance and the economy.
However, they noted that due to international work commitments related to the Aga Khan, he was unable to commit.
Allana has previously been recognized for his role in conceptualizing the Roshan Digital Account and for his project management efforts in getting Pakistan removed from the FATF Grey list.
After assuming office as prime minister a day earlier, Shehbaz convened a meeting on the economy and directed officials to initiate talks with the IMF for a new Extended Fund Facility (EFF).
Economists, investors, and foreign capitals are closely monitoring Shehbaz’s announcements regarding the cabinet, particularly the crucial finance portfolio. The next finance minister will have to navigate tough negotiations with the IMF to secure a new multi-billion dollar funding agreement.
The struggling $350 billion economy is facing a narrow path to recovery, with the current IMF agreement set to expire on April 11 and critical external financing avenues contingent on securing another extended program.
