With Pakistan sitting on a ticking time bomb due to one of its worst economic crises, former JPMorgan banker Muhammad Aurangzeb has taken on the role of finance minister to rebuild the country, an enviable task for many.
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Aurangzeb is willing to give up his comfort in Singapore, his well-paid job and his Dutch citizenship and take the toughest decisions related to International Monetary Fund (IMF) programs and other policy instruments to bring Pakistan's economy back from the brink. There is.
Pakistan is witnessing one of its worst economic crises, exacerbated by the enormous effects of climate change, diplomatic relations with neighboring countries, and domestic political instability. Currently, Islamabad is bouncing from one relief program to another. The IMF classifies the country's debt as barely sustainable. It also suffers from soaring inflation, stagnant growth and one of the lowest tax collections in the world.
Who is Pakistan's new finance minister, Muhammad Aurangzeb?
Mohammad Aurangzeb, who has extensive experience in the banking and financial industry, took over as Pakistan's finance minister last month, at a time when the country's economy was undergoing one of the most turbulent periods in its history.
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Aurangzeb comes from a wealthy family in Lahore. He attended the nation's prestigious Aitchison College, then won a scholarship to Wharton College, and later worked at Citigroup Inc. in New York early in his career. His father was the Attorney General of Pakistan.
After starting his career, Aurangzeb returned to Pakistan and worked in the division of ABN Amro Bank NV. He was then transferred to the bank's headquarters in Amsterdam. After living abroad, he left J.P. Morgan in Singapore and returned to his home country again to become CEO of Habib Bank, Pakistan's largest lender.
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Aurangzeb will be appointed as a member of Prime Minister Sharif's economic council in 2022.
Mr Aurangzeb, affectionately known as 'Auli' by his family, also served as a member of the Prime Minister's Economic Advisory Council during Mr Sharif's earlier term in 2022. The Prime Minister's tenure as a member of the Economic Council puts him in a good position to deal with the current challenges related to Pakistan's economy. What's more, he was selected for the finance post weeks before the election, flying from his home base in the commercial capital. Karachi will meet Sharif multiple times before accepting the offer, Bloomberg reported.
(Information provided by Bloomberg)
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