Pakistan's PM appoints HBL CEO Muhammad Aurangzeb as Finance Minister amid economic challenges and a pending IMF bailout expiration.
Pakistan's Prime Minister Shehbaz Sharif appoints Muhammad Aurangzeb, CEO of HBL (Habib Bank Limited), as the country's finance minister amid economic challenges. Aurangzeb, a former JPMorgan Chase & Co. banker, will address high inflation, low reserves, and external financing needs as Pakistan seeks a new, longer-term bailout from the International Monetary Fund (IMF) to stabilize its economy. Aurangzeb's appointment comes as Pakistan's current $3 billion, nine-month IMF bailout program is set to expire next month.
March 11, 2024
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