As Pakistan sits on a ticking time bomb due to one of its worst economic crises, ex-JP Morgan banker, Muhammad Aurangzeb has taken up the role of finance minister to fix his nation, which is an unenviable task for many.
Leaving behind his comfort in Singapore, a high-paying job and Dutch citizenship, Aurangzeb is ready to take some of the toughest decisions related to the International Monetary Fund (IMF) program and other policy measures to bring Pakistan’s economy back from the brink.
Pakistan is witnessing one of its worst economic crises, which has aggravated because of the massive impact of climate change, diplomatic ties with neighbouring nations, volatile domestic politics, etc. As of now, Islamabad is lurching from one bailout program to the next with the IMF classifying its debt as only borderline sustainable. It is also struggling with skyrocketing inflation, stunted growth, and one of the lowest tax-collection rates in the world.
Who is Muhammad Aurangzeb, Pakistan’s new finance minister?
With a massive experience in the banking and finance industry, Muhammad Aurangzeb took up the post of Pakistan finance minister last month when its economy was enduring the most turbulent period in its history.
Aurangzeb comes from an affluent family in Lahore. He went to the nation’s elite Aitchison College then studied at Wharton on a scholarship before working at Citigroup Inc. in New York early in his career. His father was Pakistan’s attorney general.
After beginning his career, Aurangzeb returned to Pakistan to work at a unit of ABN Amro Bank NV. Later, he shifted to the bank’s headquarters in Amsterdam. After living abroad, he again returned to his home country after he left his job at JPMorgan in Singapore to become the Chief Executive Officer of Pakistan’s largest lender, Habib Bank Ltd.
Aurangzeb’s stint as PM Sharif’s economic council member in 2022
Fondly known as Auri by his family, Aurangzeb also worked as a member of the prime minister’s economic advisory council in 2022 during Sharif’s previous term. His stint as a member of the PM’s economic council gives him an upper hand while dealing with the current difficulties related to Pakistan’s economy, Moreover, he was tapped for the finance post a few weeks before the election, flying from his base in the commercial capital Karachi to meet with Sharif multiple times before accepting the offer, reported Bloomberg.
(With inputs from Bloomberg)
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