Aurangzeb, CEO of Pakistan’s largest bank, tapped as finance minister
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Pakistani Prime Minister Shehbaz Sharif’s new Cabinet took the oath on March 11.
PHOTO: REUTERS
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ISLAMABAD - Mr Muhammad Aurangzeb, the chief executive officer of Pakistan’s largest bank, was picked as the federal minister in the country’s new Cabinet that was sworn in on March 11.
A national election in February resulted in no party holding a majority, after which a coalition alliance elected Mr Shehbaz Sharif as prime minister for a second time
Mr Sharif has included Mr Aurangzeb, the CEO of HBL Bank, in the Cabinet and he will be given the portfolio of finance minister.
“Aurangzeb is stepping down from HBL to assume the role of Federal Minister for Finance for Pakistan,” HBL said in a statement. The government has yet to officially confirm his appointment.
Mr Aurangzeb was picked over several veterans previously involved in handling the troubled US$350 billion (S$465 billion) economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.
Mr Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.
HBL on March 11 informed the Pakistan Stock Exchange of Mr Aurangzeb’s resignation from the bank in a letter to the bourse.
In a statement from HBL, Mr Aurangzeb said: “As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”
Pakistan’s current International Monetary Fund programme expires in April.
Mr Sharif has said his government would look to negotiate a new, longer-term bailout to keep the country’s economy stable amid high inflation and external financing requirements.
The new Cabinet was sworn in at a ceremony on March 11, in which oaths were administered by newly elected President Asif Ali Zardari, more than a month since the Feb 8 national election.
A letter seen by Reuters, sent by Mr Sharif to the president for the appointment of the Cabinet, showed a list of 19 names, including Mr Aurangzeb and Mr Dar.
There was only one woman’s name on the list, proposed as a state – or junior – minister.
The portfolios of the new ministers are yet to be announced officially.
Mr Aurangzeb does not have a seat in Parliament but local laws say he can hold a post of minister for a maximum of six months without one.
The sources told Reuters that Mr Sharif’s Pakistan Muslim League-Nawaz party planned to give Mr Aurangzeb a Senate seat soon. REUTERS
