ISLAMABAD: The chief executive officer of Pakistan’s largest bank, HBL, is likely to be tapped for a top position in the finance team of newly elected Prime Minister Shehbaz Sharif, two sources told Reuters, ahead of talks with the IMF for a fresh bailout deal.
Pakistan urgently needs a fresh IMF agreement to shore up its struggling $350 billion economy which is suffering from high inflation, low reserve and high external financing needs.
Muhammad Aurangzeb, currently the CEO of HBL, is likely to be appointed Special Assistant to the Prime Minister on Finance, two sources said — one in the finance ministry and the other with direct knowledge of discussions.
A final decision is yet to be taken. Sharif has to pick a cabinet after being sworn in on Monday — most importantly a finance team, with Pakistan’s current $3 billion, nine-month IMF program expiring next month.
Spokespeople for Sharif’s party and HBL did not immediately respond to requests for comment.
Local broadcaster Geo News also reported that Aurganzeb would get the post of finance minister, citing sources close to the prime minister, but the banker does not have a seat in parliament which is required by law to become a full minister.
It was not immediately clear if Aurangzeb, even as special assistant, would be the de facto finance tsar with Sharif or someone else holding the additional portfolio of finance minister.
Aurangzeb had also served as the CEO of JP Morgan’s Global Corporate Bank based in Asia, and has extensive experience working with global markets.
Besides the IMF deal, Pakistan also needs to attract foreign investment to bring in funds to shore up its low reserves, which are critical to meeting a large external financing needs, as well as kick starting its flagging economy.
After taking the oath, Sharif immediately met finance officials and advisers, directing them to open talks with the IMF for an Extended Fund Facility — a long tenure package which analysts say is mandatory to save the country from default.
Aurangzeb was a part of that meeting, a video of the gathering shared with journalists by the government’s information team showed.
Chief of Pakistan’s largest bank likely to be included in new finance team
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Chief of Pakistan’s largest bank likely to be included in new finance team
- Pakistan urgently needs a fresh IMF deal to shore up its struggling economy, suffering from high inflation, low reserves and financing needs
- Muhammad Aurangzeb, currently CEO of HBL, is likely to be appointed Special Assistant to the Prime Minister on Finance, two sources say
Pakistan Supreme Court halts trial of prominent lawyer over alleged anti-military tweets
- Top court orders lower court to pause proceedings after lawyers allege due-process breaches
- Mazari-Hazir, husband face charges under cybercrime law that carry up to 14 years in prison
ISLAMABAD: Pakistan’s Supreme Court on Thursday halted the cybercrime trial of prominent human rights lawyer Imaan Mazari-Hazir and her husband, Hadi Ali Chattha, after their lawyers argued that a lower court had recorded witness testimony in their absence, violating due-process rules.
Mazari-Hazir, one of Pakistan’s most outspoken civil liberties lawyers, and Chattha are being prosecuted under the Prevention of Electronic Crimes Act (PECA) over posts on X that authorities say incited ethnic divisions and portrayed the military as involved in “terrorism.” Both reject the allegations. If convicted under the relevant PECA provision, they face a prison term of up to 14 years.
The case has drawn broad attention in Pakistan’s legal community because Mazari-Hazir, who has been repeatedly detained over her criticism of the security establishment, argues that the trial court ignored basic procedural guarantees despite her medical leave request. The case also comes as Pakistan faces sustained scrutiny over the use of PECA against activists, journalists and political dissenters, with lawyers arguing that lower courts often move ahead without meeting minimum fair-trial standards.
The couple’s lawyer, Riasat Ali Azad, said his clients filed a petition in the Supreme Court because the lower court had moved ahead improperly.
“Today, the Supreme Court of Pakistan has stayed the lower court proceedings, the trial court proceedings and has said that the [Islamabad] High Court should decide our pending revision petition for which a date has already been fixed,” he told reporters.
Azad said the violation was clear under Pakistan’s Code of Criminal Procedure, which requires evidence to be recorded in the presence of the accused.
“Yet, on that very day, evidence of four witnesses was recorded in their absence, and a state counsel was appointed to conduct cross-examination on their behalf,” he said. “All these things are against the right to a fair trial under Articles 10 and 10-A.”
A three-judge bench led by Justice Muhammad Hashim Khan Kakar ordered the trial court to pause proceedings and instructed the Islamabad High Court to hear the couple’s pending criminal revision petition first.
The trial had been scheduled to resume on Dec.15, but the Supreme Court’s stay now freezes proceedings before both the additional sessions judge and the special PECA court.
The Islamabad High Court is expected to hear the criminal revision petition next week.
Chattha, who is also a lawyer, said the SC ruling underscored the need for procedural safeguards.
“It is a victory for the constitution and the law,” he said, arguing that the trial court had ignored their request to re-record witness statements in their presence.
