The CEO of Pakistan’s largest bank was picked as a federal minister in the country’s new cabinet sworn in on Monday, and sources said he was set to be appointed finance minister.
A national election last month 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.
Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank, in the cabinet and he will be given the portfolio of finance minister, according to two sources – one in Sharif’s party and the other in the prime minister’s office.
Aurangzeb was picked over several veterans previously involved in handling the $350 billion economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.
Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.
HBL on Monday informed the Pakistan Stock Exchange of Aurangzeb’s resignation from the bank, in a letter seen by Reuters.
Pakistan’s current International Monetary Fund programme expires next month, and Sharif has 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 newly elected President Asif Ali Zardari, over a month since the Feb. 8 national election.
A letter, seen by Reuters, sent by Sharif to the president for the appointment of the cabinet showed a list of 19 names, including Aurangzeb and Dar. There was only one woman’s name on the list, proposed as a state – or junior – minister.
The portfolios of the new ministers are yet to be announced officially.
Aurangzeb does not have a seat in parliament but local laws say he can hold a post of minister for a maximum of six months without one.
The sources told Reuters that Sharif’s Pakistan Muslim League-Nawaz (PML-N) party planned to give Aurangzeb a Senate seat soon.
