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Aurangzeb, who is the president and CEO of Karachi-based Habib Bank Limited (HBL), has extensive experience working in financial institutions at home and abroad, News International reported.
He has already held three meetings with former prime minister and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz, which was chaired by newly-elected Prime Minister Shehbaz Sharif shortly after taking the oath of office on Monday. He also attended the first meeting on public finance. The report cited sources as saying.
According to sources, the issue of Aurangzeb’s dual citizenship is being discussed with a view to resolving it in preparation for his appointment as a federal minister.
Prior to his current role, he was CEO of JPMorgan’s Global Corporate Bank based in Asia and has over 30 years of extensive international banking experience.
He is the only Pakistani invited to be an exclusive member of the Global CEO Council organized by The Wall Street Journal/Dow Jones Group. He has also been elected Chairman of Pakistan Bankers Association and Director of Pakistan Business Council.
Ishaq Dar, a close associate of the Sharif family who served as finance minister in the past two governments, did not attend Monday’s finance meeting chaired by Prime Minister Shehbaz Sharif, who is also the PML-N chairman.
Dahl may not be able to continue in his role due to health issues or other undisclosed reasons, but he will be given other important responsibilities, the people said.
The Sharif brothers are expected to meet soon to discuss and finalize the cabinet, after which it will be formally announced, the report said.
The biggest challenge for the next Finance Minister will be to conclude an extraordinary deal with the International Monetary Fund (IMF) under the three-year Extended Fund Facility (EFF).
In their first meeting on Monday, Prime Minister Shehbaz Sharif instructed relevant authorities to begin negotiations to strike a new contract with the Washington-based global financier.
The ongoing $3 billion Standby Agreement (SBA) is expected to close on April 12, 2024. It remains to be seen whether Islamabad will secure the last tranche of $1.1 billion to complete the ongoing SBA program or begin negotiations to conclude an agreement. New his 3 year EFF program.
Shehbaz has already given approval to the Treasury Department to invite an IMF team to begin negotiations to complete the ongoing SBA and request a new three-year contract with the IMF.
Immediately after the formation of the federal cabinet, the IMF team will be invited to hold important talks here in Islamabad.
Meanwhile, various names for the PML-N leader were being considered in the cabinet. Sources said senior party official Ahsan Iqbal and former defense minister Khawaja Asif are being considered for the post again, as well as Musaddiq Malik for oil minister and Atata for information minister. -Talal’s name is said to be under consideration.
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