Pakistani bank CEO backed to be appointed finance minister
Premier Shehbaz Sharif has included Muhammad Aurangzeb in the cabinet
11 March 2024 - 18:49
byAsif Shahzad
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A man stands near an election banner of Pakistan’s former prime minister Nawaz Sharif in Lahore, Pakistan, on February 5 2024. Picture: NAVESH CHITRAKAR/REUTERS
Islamabad — The CEO of Pakistan’s largest bank was picked as a federal minister in the country’s new cabinet sworn in on Monday, and sources said he was set to be appointed finance minister.
A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country’s economic and political crises.
Sharif has included Muhammad Aurangzeb, CEO of HBL bank, in the cabinet. He will be given the portfolio of finance minister, according to two sources — one in Sharif’s party and the other in the prime minister’s office.
Aurangzeb was picked over several veterans previously involved in handling the $350bn economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.
Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.
HBL on Monday informed the Pakistan Stock Exchange of Aurangzeb’s resignation from the bank.
Pakistan’s current IMF programme expires next month, and 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 Monday where the oaths were administered by newly elected President Asif Ali Zardari, more than a month since the February 8 national election.
A letter sent by Sharif to the president for the appointment of the cabinet shows a list of 19 names, including Aurangzeb and 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.
Aurangzeb does not have a seat in parliament but local laws read he can hold a post of minister for a maximum of six months without one.
The sources said that Sharif’s Pakistan Muslim League-Nawaz (PML-N) party planned to give Aurangzeb a Senate seat soon.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Pakistani bank CEO backed to be appointed finance minister
Premier Shehbaz Sharif has included Muhammad Aurangzeb in the cabinet
Islamabad — The CEO of Pakistan’s largest bank was picked as a federal minister in the country’s new cabinet sworn in on Monday, and sources said he was set to be appointed finance minister.
A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country’s economic and political crises.
Sharif has included Muhammad Aurangzeb, CEO of HBL bank, in the cabinet. He will be given the portfolio of finance minister, according to two sources — one in Sharif’s party and the other in the prime minister’s office.
Aurangzeb was picked over several veterans previously involved in handling the $350bn economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.
Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.
HBL on Monday informed the Pakistan Stock Exchange of Aurangzeb’s resignation from the bank.
Pakistan’s current IMF programme expires next month, and 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 Monday where the oaths were administered by newly elected President Asif Ali Zardari, more than a month since the February 8 national election.
A letter sent by Sharif to the president for the appointment of the cabinet shows a list of 19 names, including Aurangzeb and 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.
Aurangzeb does not have a seat in parliament but local laws read he can hold a post of minister for a maximum of six months without one.
The sources said that Sharif’s Pakistan Muslim League-Nawaz (PML-N) party planned to give Aurangzeb a Senate seat soon.
Reuters
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