The CEO of Pakistan's largest bank has been selected as a federal minister in the country's new cabinet, which was sworn in on Monday, and sources said he is expected to be appointed finance minister.
After last month's national elections in which no party won a majority, a coalition elected Shehbaz Sharif as prime minister for a second time to address the country's economic and political crisis.
Mr. Sharif has added HBL Bank chief executive Muhammad Aurangzeb to his cabinet, and two sources in Mr. Sharif's party and the prime minister's office said he was given the post of finance minister. It is said that it will be done.
Aurangzeb spoke on behalf of several military veterans who had helped manage the $350 billion economy, including four-time finance minister Ishaq Dar, as the country seeks a way out of its economic woes. Selected.
Mr. Dar has also been appointed federal minister and is likely to get the foreign ministry portfolio, two sources said.
HBL notified the Pakistan Stock Exchange on Monday of Aurangzeb's resignation, according to a letter seen by Reuters.
Pakistan's current International Monetary Fund program is set to expire next month, but Prime Minister Sharif said his government would consider negotiating a new long-term relief package to keep the country's economy stable amid high inflation and the need for external financing. Then he said.
More than a month after the February 8 national elections, the new cabinet was sworn in on Monday, and was sworn in by newly elected President Asif Ali Zardari.
A letter seen by Sharif to the president for cabinet appointments, seen by Reuters, lists 19 names, including Aurangzeb and Dar. There was only one woman's name on the list proposed as a candidate for a state minister or deputy minister.
The new minister's portfolio has not yet been officially announced.
Aurangzeb does not have a seat in parliament, but local law says he can serve as a minister for up to six months without having a seat in parliament.
Sources told Reuters that Sharif's Pakistan Muslim League-Nawaz Party (PML-N) plans to award a Senate seat to Aurangzeb soon.
