Muhammad Aurangzeb, potentially the next finance minister of Pakistan, is poised to relinquish his monthly salary of Rs30 million and Dutch citizenship in order to assume this crucial role.
According to a source close to Aurangzeb, he has commenced the process of renouncing his Dutch nationality in anticipation of his new responsibilities.
Despite Prime Minister Shehbaz Sharif not yet announcing his cabinet, Aurangzeb has already met with Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif.
Aurangzeb participated in the initial finance meeting chaired by the Prime Minister shortly after assuming office, where the absence of former finance minister Ishaq Dar was notable.
Sources within the PML-N suggest that Dar’s chances of retaining the finance ministry are slim, with expectations that he may be assigned another significant portfolio in the federal cabinet, while Aurangzeb is being considered for the finance minister post.
In accordance with Pakistani laws, which prohibit dual citizens from holding public office, Aurangzeb has applied to renounce his dual citizenship.
Currently ranked among the top five highest-paid bank CEOs, Aurangzeb serves as president and CEO of Habib Bank Limited (HBL). The 2023 annual report of HBL reveals that Aurangzeb received an annual salary and other perks totaling Rs352 million from the bank, equating to nearly Rs3 crore per month, placing him among the top five highest-paid CEOs in Pakistan.
While Aurangzeb is prepared to sacrifice his lucrative job and dual nationality, questions linger regarding how he will address the country’s economic challenges.
Financial experts are also curious about whether he will be granted autonomy to make financial decisions independently. Observing his interactions with the International Monetary Fund (IMF) team in the coming weeks will be pivotal.
During a press briefing in Washington, DC, on Thursday, an IMF spokesperson confirmed the institution’s readiness to dispatch its mission to Pakistan following the formation of a new cabinet under the $3 billion Standby Arrangement (SBA) program.
It is worth noting that Aurangzeb has been associated with HBL since April 2018 as president and CEO. Prior to this role, he served as CEO of JP Morgan’s Global Corporate Bank in Asia, accumulating over 30 years of rich international banking experience in other senior management roles at ABN AMRO and RBS, based in Amsterdam and Singapore. Aurangzeb obtained his BS and MBA degrees from The Wharton School (University of Pennsylvania).
He was one of the highest-paid bankers in those international financial institutions.
Aurangzeb has been working under the leadership of HBL Chairman Sultan Ali Allana, who has been credited in the past for conceptualizing Roshan Digital and the behind-the-scenes project management required to get Pakistan out of the Financial Action Task Force’s Grey List.
