Islamabad, March 12, 2024: Muhammad Aurangzeb, the former Chief Executive Officer (CEO) of Habib Bank Limited (HBL), has officially assumed the role of Pakistan’s Finance Minister.
The announcement was made through an official statement on Monday, confirming Aurangzeb’s new portfolio.
Upon his arrival at the ministry, Aurangzeb was welcomed by the Secretary of Finance and other senior officials. His appointment follows intense speculation in the country regarding the choice for the finance minister position, with various names being considered.
Aurangzeb’s selection over several seasoned veterans, including four-time finance minister Ishaq Dar, is significant. He now shoulders the responsibility of overseeing the financial affairs of Pakistan at a challenging time marked by economic issues such as mounting debt, low growth, and high inflation.
The timing of this appointment is crucial, given that the current nine-month Stand-By-Arrangement (SBA) with the International Monetary Fund (IMF), signed last year, is set to conclude next month. Analysts predict a new, more extensive financial program on the horizon, potentially leading Pakistan towards greater self-reliance.
Prime Minister Shehbaz Sharif has already instructed relevant authorities to engage with the IMF promptly for discussions on the Extended Fund Facility (EFF).
Aurangzeb’s resignation from the post of CEO and President of HBL was officially confirmed on Monday, as indicated in a notification on the Pakistan Stock Exchange (PSX).
Before his role at HBL, Aurangzeb served as the CEO of JP Morgan’s Global Corporate Bank in Asia. With over 30 years of rich international banking experience, he held senior management roles at ABN AMRO and RBS in Amsterdam and Singapore.
Notably, Aurangzeb is the only Pakistani invited to the exclusive membership of the Global CEO Council organized by WSJ/DowJones group. He has also been elected as the Chairman of the Pakistan Banks’ Association and serves as a Director of the Pakistan Business Council.
Aurangzeb, an alumnus of The Wharton School (University of Pennsylvania), holds BS and MBA degrees. His diverse and extensive background in international banking positions him well to navigate the complex economic challenges currently facing Pakistan. As the new Finance Minister, he is expected to play a pivotal role in shaping the country’s financial policies and strategies.
