Pakistan’s newly elected coalition government has appointed Muhammad Aurangzeb, former CEO HBL, as the new finance minister.
The appointment comes as the current Stand-By Arrangement (SBA) with the IMF is set to end next month. And discussions regarding a new Extended Fund Facility (EFF) are underway.
After taking the oath at the Presidency, Aurangzeb officially assumed responsibility as Finance Minister of Pakistan.Â
President Asif Ali Zardari administered the oath to the 19-member federal cabinet, including Aurangzeb. Shehbaz Sharif, who was elected as prime minister for a second time, included Aurangzeb in the cabinet and gave him the portfolio of finance minister.
Aurangzeb, with over 30 years of international banking experience, is well-qualified for the role.
Moreover, the current finance minister had previously renounced his Pakistani nationality for Dutch nationality, but he expressed his excitement about the opportunity to serve his country in this new capacity and contribute to its economic growth and development.
Upon his arrival at the finance ministry, Aurangzeb was welcomed by the Secretary of Finance and senior ministry officials. A preliminary meeting of senior management was also held to facilitate introductions and initial discussions.
In a letter to the Pakistan Stock Exchange, HBL informed the bourse of Aurangzeb’s resignation from the bank. The bank called his resignation a “remarkable act of national service.”
