In a significant development, sources have revealed that Muhammad Aurangzeb, a distinguished banker, is poised to become the country’s next finance minister under the newly-elected Prime Minister Shehbaz Sharif. This comes as part of the impending formation of the federal cabinet.
The sources further disclosed that Ishaq Dar, a former finance minister and close aide to Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, is no longer in contention for the position due to health issues.
Instead, there is speculation that Dar might be offered another crucial role, considering his formidable track record during the previous Pakistan Democratic Movement.
During his tenure, Dar faced significant challenges in rejuvenating the stalled International Monetary Fund (IMF) programme. However, the sources did not specify the potential alternative role for Dar.
According to information from Geo News, Muhammad Aurangzeb brings an impressive resume to the table. He has previously held the position of president at HBL and served as the CEO of JP Morgan’s Global Corporate Bank in Asia.
With a robust international banking experience spanning over 30 years, Aurangzeb has held various senior management roles.
In an interesting turn of events, it was revealed that the government’s initial preference for the finance minister role was Sultan Allana, the Chairman of HBL.
Allana is recognised for his extensive experience in finance and the economy. Notably, he played a pivotal role in conceptualising the Roshan Digital Account and spearheaded the project management efforts that contributed to Pakistan’s removal from the FATF Grey List.
However, sources clarified that Allana had international work commitments related to the Aga Khan, preventing him from committing to the finance minister role.
This opens the door for Muhammad Aurangzeb, whose impressive banking background positions him as a strong candidate for the crucial position of finance minister under the new government.