A day after news reports emerged that four-time Finance Minister Ishaq Dar might not return to his role in the new government, sources have claimed that the CEO of a major Pakistani bank could be chosen to lead the government’s economic team. According to the sources, Muhammad Aurangzeb, currently the CEO of Habib Bank Limited, could be made special assistant to the prime minister on finance. Aurangzeb is not a member of the parliament and cannot be made a full-time minister. However, as an SAPM, he would have complete control over the workings of the ministry if a minister is not appointed. The final decision has not been announced and both HBL and the Pakistan Muslim League Nawaz have not commented on speculation about Aurangzeb’s appointment so far.

Aurangzeb has extensive experience working with global markets and has also worked as the CEO of JP Morgan’s Global Corporate Bank in Asia. The new government is coming to power at a difficult time for the Pakistani economy, with only one installment left in the Stand-by Agreement with the International Monetary Fund. Reports from Shehbaz’s first days in office have already indicated that the government will seek an extended program from the international money-lender. The new finance czar would have to immediately begin negotiating with the IMF for a new loan. The chosen person would also have to ensure the implementation of IMF’s tough conditions.

Credit: Independent News Pakistan (INP)