Mohsin Siddiqui (Chief Reporter)

Muhammad Aurangzeb, the current Chief Executive Officer (CEO) of the largest bank in Pakistan, HBL, is under consideration for a prominent position within the finance team of the newly elected Prime Minister Shehbaz Sharif. This move comes as Pakistan braces for crucial negotiations with the International Monetary Fund (IMF) regarding a much-needed bailout package to support its struggling $350 billion economy.

The appointment of Aurangzeb, if finalized, is expected to be as the Special Assistant to the Prime Minister on Finance, a role deemed crucial as Pakistan’s existing $3 billion, nine-month IMF program approaches its expiration next month. However, a final decision is yet to be made as Sharif’s administration, inaugurated on Monday, focuses on assembling a competent cabinet, particularly in the finance sector.

Despite reports from local broadcasters suggesting Aurangzeb might assume the role of finance minister, it is noted that he lacks a parliamentary seat, a prerequisite for becoming a full-fledged minister as per the country’s legislation. It remains uncertain whether Aurangzeb, even in the capacity of a special assistant, would effectively oversee finance matters alongside Sharif or if another individual would be appointed as the finance minister.

Aurangzeb brings extensive experience to the table, having previously served as the CEO of JP Morgan’s Global Corporate Bank in Asia, and possessing a wealth of knowledge in global financial markets. Besides the imperative of securing an IMF deal, Pakistan faces the urgent need to attract foreign investments to bolster its depleting reserves and address its substantial external financing requirements, all pivotal for revitalizing its sluggish economy.