The former CEO of HBL, the country’s largest bank, Muhammad Aurangzeb, has taken charge as the Finance Minister of Pakistan, disclosed the Ministry of Finance on X, a platform that remains blocked in Pakistan by authorities who continue to use the service themselves.
The appointment comes after intense speculation over the choice of the next Finance Minister for the past few weeks. Aurangzeb has been chosen over seasoned figures like Ishaq Dar, to oversee Pakistan’s $350 billion economy.
Mr. Muhammad Aurangzeb officially took over the responsibility as Finance Minister of Pakistan after taking oath at the Presidency, today. pic.twitter.com/RSBhulbLwl
— Ministry of Finance, Government of Pakistan (@Financegovpk) March 11, 2024
The country faces significant economic challenges, such as mounting debt, sluggish growth, and high inflation. With the current IMF Stand-By-Arrangement set to conclude soon, the role is extremely important, as analysts anticipate another, more extensive program aimed at bolstering Pakistan’s financial independence.
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