Muhammad Aurangzeb takes over slot of finance minister

ISLAMABAD: Renowned banker Muhammad Aurangzeb has officially taken over the top slot of finance minister after becoming part of 19-member federal cabinet of newly elected Prime Minister (PM) Shehbaz Sharif.

The finance ministry said he was warmly received by ministry officials on his arrival and later, a preliminary meeting of senior management was held to facilitate introductions and initial discussions.

Meanwhile, Muhammad Aurangzeb also tendered his resignation as President and Chief Executive Officer (CEO) of Habib Bank Limited (HBL) following his appointment as a Federal Minister.

February 8 general elections resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country’s economic and political crises.

Aurangzeb was picked over several veterans previously involved in handling the struggling economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.

Pakistan’s current International Monetary Fund (IMF) programme expires next month, and PM Shehbaz Sharif said his government would look to negotiate a new, longer term bailout to keep the country’s economy stable amidst high inflation and external financing requirements.

The new cabinet was sworn in at a ceremony on Monday where the oaths were administered by President Asif Ali Zardari, over a month since the Feb. 8 national election.

Aurangzeb does not have a seat in parliament but the Constitution says he can hold a post of minister for a maximum of six months without one.