Finance Minister
ISLAMABAD: Renowned banker Muhammad Aurangzeb is poised to become the next finance minister as newly-elected Prime Minister Shehbaz Sharif forms his federal cabinet.
Sources indicated that Ishaq Dar, a former finance minister and close aide to PML-N leader Nawaz Sharif, is excluded due to health issues. While Dar might assume another significant role, his health concerns have ruled him out of the finance minister race.
Muhammad Aurangzeb presently serves as the President of HBL, boasting over 30 years of rich international banking experience, including roles as CEO of JP Morgan’s Global Corporate Bank in Asia.
Sources close to Islamabad/Pindi suggested that an even more senior contender for the finance minister position was Sultan Alanna, HBL’s Chairman. However, due to international work commitments related to the Aga Khan, he couldn’t make the commitment.
Sultan Alanna has been credited with conceptualizing Roshan Digital and managing the behind-the-scenes project required to remove Pakistan from the FATF Grey list.
After assuming office, PM Shehbaz initiated discussions with the IMF for a new Extended Fund Facility (EFF). Economic stakeholders are keenly observing the announcement of Shehbaz’s cabinet, particularly the crucial finance portfolio.
The upcoming finance minister will need to navigate challenging negotiations with the IMF to secure a new multi-billion dollar funding agreement.
With the struggling $350 billion economy facing a narrow path to recovery, the current IMF agreement is set to expire on April 11, with securing another extended program vital for critical external financing avenues.
This move is of significant interest to economists, investors, and foreign capitals, emphasizing the importance of the finance minister’s role in navigating Pakistan’s economic challenges.
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