Mohsin Siddiqui (Chief Reporter)

The next government, the appointment of the new finance minister holds utmost significance, especially in light of the imperative task of securing a fresh deal with the IMF to mitigate the risk of default.

The incoming finance minister’s role will be far from easy, as they must confront three immediate and formidable challenges. These include completing the ongoing IMF program, negotiating a new agreement with the IMF in a phased manner, and presenting and obtaining approval for the fiscal budget 2024-25, aligning with IMF program conditions.

Should the PMLN, along with other allies, assume power, the potential candidates for the finance minister’s portfolio include Ishaq Dar, Sultan Ali Allana, and Muhammad Aurangzeb. Notably, Ishaq Dar might face a dilemma between the finance minister’s role and the Senate chairman’s position.

Sultan Ali Allana, with a longstanding career in the banking sector, has previously been considered for the role of caretaker finance minister. However, on both occasions, Dr. Shamshad Akhtar secured the position.

If Ishaq Dar assumes the finance minister role, he may need to adopt a more conciliatory approach in negotiations with the IMF, including flexibility on exchange rate policies. Additionally, he may need to acknowledge the expanded role of the Special Investment Facilitation Council (SIFC) in policymaking.

In the scenario where Ishaq Dar becomes the finance minister, he might opt to appoint Tariq Bajwa as an advisor. Meanwhile, Azhar Bilal Kayani, emerging as a notable figure in NA elections from Jhelum, could potentially be appointed as Minister of State in significant economic or energy ministries.

Sultan Ali Allana, currently serving as the Chairman of the Board of Directors of HBL, boasts extensive experience in retail, corporate, and investment banking. He holds undergraduate and postgraduate degrees from McGill University and the University of Wisconsin.

On the other hand, Muhammad Aurangzeb, the President & CEO of HBL, brings over 30 years of international banking experience to the table. He has held senior management roles at prominent institutions like JP Morgan, ABN AMRO, and RBS, with degrees from The Wharton School.

These potential candidates reflect a diverse array of expertise and experience, underscoring the critical importance of the finance minister’s selection in navigating Pakistan’s economic landscape.