{"id":70073,"date":"2024-03-11T18:27:03","date_gmt":"2024-03-11T18:27:03","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/muhammad-aurangzeb-takes-over-slot-of-finance-minister\/"},"modified":"2024-03-11T18:27:03","modified_gmt":"2024-03-11T18:27:03","slug":"muhammad-aurangzeb-takes-over-slot-of-finance-minister","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/muhammad-aurangzeb-takes-over-slot-of-finance-minister\/","title":{"rendered":"Muhammad Aurangzeb takes over slot of finance minister"},"content":{"rendered":"
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ISLAMABAD: Renowned banker Muhammad Aurangzeb has officially taken over the top slot of finance minister after becoming part of 19-member federal cabinet of newly elected Prime Minister (PM) Shehbaz Sharif.<\/strong><\/p>\n

The finance ministry said he was warmly received by ministry officials on his arrival and later, a preliminary meeting of senior management was held to facilitate introductions and initial discussions.<\/p>\n

Meanwhile, Muhammad Aurangzeb also tendered his resignation as President and Chief Executive Officer (CEO) of Habib Bank Limited (HBL) following his appointment as a Federal Minister.<\/p>\n

February 8 general elections resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as prime minister for a second time to tackle the country\u2019s economic and political crises.<\/p>\n

Aurangzeb was picked over several veterans previously involved in handling the struggling economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.<\/p>\n

Read More: 19-member federal cabinet takes oath<\/a><\/strong><\/em><\/p>\n

Pakistan\u2019s current International Monetary Fund (IMF) programme expires next month, and PM Shehbaz Sharif said his government would look to negotiate a new, longer term bailout to keep the country\u2019s economy stable amidst high inflation and external financing requirements.<\/p>\n

The new cabinet was sworn in at a ceremony on Monday where the oaths were administered by President Asif Ali Zardari, over a month since the Feb. 8 national election.<\/p>\n

Aurangzeb does not have a seat in parliament but the Constitution says he can hold a post of minister for a maximum of six months without one.<\/p>\n<\/div>\n<\/div>\n