ISLAMABAD: The CEO of Pakistan’s largest bank was picked as a federal minister, according to a government document seen by Reuters, and sources said he was set to be appointed finance minister in a new cabinet that will take the oath on Monday.
The South Asian nation, beset by economic and political crises, held inconclusive national elections last month that did not give any party a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time last week.
Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank (HBL.PSX), opens new tab, 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 troubled $350 billion economy, including four-time finance minister Ishaq Dar, as the country looks to tide over a troubling time for its economy.
Dar was also named a federal minister and is likely to get the foreign ministry portfolio, the two sources said.
A spokesman for HBL said he could neither confirm nor deny any “speculation” about Aurangzeb’s appointment.
Pakistan’s current International Monetary Fund program 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 will be sworn in on Monday, 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.
