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 urges UN Security Council to sanction separatist BLA group after recent attacks
- Separatist BLA launched attacks in multiple Balochistan cities last week, killing over 50 as per official figures
- Pakistan envoy says since Taliban assumed control of Afghanistan, BLA, other militant groups have a “new lease of life“
ISLAMABAD: Pakistan’s UN Ambassador Iftikhar Ahmed this week urged the Security Council to impose sanctions against the separatist Baloch Liberation Army (BLA) militant group and designate it as a “terrorist” group, after its recent coordinated attacks in southwestern Balochistan province.
Pakistan’s military said on Thursday it has concluded security operations in Balochistan against separatists that was launched since Jan. 29, killing 216 militants. The military launched counteroffensive operations in Balochistan after the BLA said it launched coordinated attacks in several parts of the province last Friday and Saturday.
The attacks killed 36 civilians and 22 law enforcement and security forces personnel, Pakistan’s military said. Pakistan’s government has accused India of being involved in the attacks, charges that New Delhi has dismissed.
“We hope the Council will act swiftly to designate BLA under the 1267 sanctions regime acceding to the listing request that is currently under consideration,” Iftikhar said on Wednesday during a UNSC briefing on the topic ‘Threats to International Peace and Security caused by Terrorist Acts.’
The 1267 sanctions regime is a UNSC program that seeks to impose sanctions on individuals and entities associated with “terrorism.”
The regime seeks to impose travel bans, freeze assets and impose an arms embargo on individuals and groups primarily associated with Al-Qaeda or the Taliban.
Ahmad said that after the Taliban takeover of Afghanistan in 2021, “externally sponsored and foreign-funded proxy terrorist groups” such as the Tehreek-e-Taliban Pakistan and the BLA have got a “new lease of life.”
“Operating with virtual impunity from Afghan soil and with the active support of our eastern neighbor, these groups are responsible for heinous terrorist attacks inside Pakistan,” he said.
The Pakistani envoy said it has become imperative to prevent billions of dollars of sophisticated weapons and equipment, which were left behind by foreign forces in Afghanistan, “from falling into the hands of terrorists.”
“There must be accountability of external destabilizing actors who support, finance and arm these groups, including their proxies in Afghanistan,” Ahmad said in a veiled reference to India.
Pakistan’s largest and poorest province, mineral-rich Balochistan borders Iran and Afghanistan and is home to China’s investment in the Gwadar deep-water port and other projects.
Balochistan has been the site of a decades-long insurgency led by ethnic Baloch separatists seeking greater autonomy and a larger share of its natural resources.
They accuse the state of denying locals a fair share of the province’s mineral wealth, charges that are denied by the Pakistani government.
