Aurangzeb, CEO of Pakistan’s largest bank, appointed as finance minister to steer country out of economic crisis

Pakistan has appointed the former Chief Executive Officer of the country’s largest commercial bank HBL, Muhammad Aurangzeb, as its new Finance Minister, a statement from the Ministry of Finance said on March 11.

Aurangzeb, who took oath at the Presidency, takes over at a time when the South Asian country is facing a series of economic challenges, including high inflation, rising debt, and sluggish growth rate.

The banking veteran was picked over several other experienced individuals who had previously been involved in managing the troubled $350 billion economy, including four-time finance minister Ishaq Dar.

Who is Muhammad Aurangzeb?

Muhammad Aurangzeb, 59, joined HBL in April 2018 as the President and CEO.

Before joining HBL, Aurangzeb served as the CEO of JP Morgan’s Global Corporate Bank in Asia, accumulating over 30 years of rich international banking experience. He held senior management positions at ABN AMRO and RBS in Amsterdam and Singapore.

Aurangzeb holds the distinction of being the sole Pakistani invited to the exclusive membership of the Global CEO Council organized by WSJ/DowJones group.

Additionally, he has been elected Chairman of the Pakistan Banks’ Association and Director of the Pakistan Business Council.

Aurangzeb obtained his BS and MBA degrees from The Wharton School (University of Pennsylvania).

Focus on reforms and IMF loan

As Finance Minister of the cash-strapped country, Aurangzeb’s focus will remain on the ongoing loan program with the International Monetary Fund (IMF) and in implementing economic reforms across various sectors.

As the newly appointed Finance Minister, Muhammad Aurangzeb is positioned to prioritize strategic financial management, guiding the country toward sustainable growth and stability. He has been tasked to navigate the complexities of fiscal policy and lead initiatives aimed at enhancing economic resilience and fostering prosperity for Pakistan.

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