March 12, 2024 (MLN): Muhammad Aurangzeb has officially taken over the responsibility as Finance Minister of Pakistan, said a statement from Ministry of Finance on Monday.
Aurangzeb, the Chief Executive Officer and President of Pakistan's largest bank, was chosen over other seasoned politicians, at a time when the country is facing one of its worst crises.
In June of last year, the country managed to secure a $3 billion International Monetary Fund (IMF) package that saved the nation from a sovereign debt default.
However, with the program nearing its end in April, the country urgently needs a longer and larger new program to meet its high debt obligations.
The newly-elected Shehbaz Sharif right after taking oath had already directed immediate talks with the IMF regarding its Extended Fund Facility.
The IMF expressed its readiness to work with the new government for the second review of the Stand-by.
To note, before taking oath as Finance Minister, Aurangzeb resigned from his position as Chief Executive Officer of Habib Bank Limited.
Muhammad Aurangzeb was the CEO of JP Morgan’s Global Corporate Bank based in Asia, and has a rich international banking experience of over 50 years in other senior management roles at ABN AMRO and RBS based in Amsterdam and Singapore.
