Muhammad Aurangzeb used to be the top boss at Pakistan’s largest bank, Habib Bank Ltd., but now he’s taking on the responsibility of managing the country’s finances, have a look at his education and salary
Selecting a former banker from JPMorgan Chase & Co. as finance minister indicates a strategic move by Prime Minister Shehbaz Sharif to address economic challenges and bolster Pakistan’s cash-strapped economy following a contentious election. Muhammad Aurangzeb aged 59, was chosen for the role of finance minister.
Who is Muhammad Aurangzeb Finance Minister of Pakistan, biography, age, family, education and salary
59-year-old Muhammad Aurangzeb was born in 1964 to Muhammad Farooq who served as the Attorney General for Pakistan. His grandfather Chaudhry Muhammad Siddique served as the Justice for the Lahore High Court.
Aurangzeb attended the Wharton School and holds a degree in Science and Economics.
Aurangzeb attended Aitchison College in Lahore for his early education and received an Aga Khan Scholarship to study at the Wharton School of the University of Pennsylvania where he received his BS and MBA degrees.
Aurangzeb will leave behind an annual salary of 352 million Pakistani rupees ($1.28 million), which made him one of the highest paid CEOs in the country with him earning 30 million Pakistani rupees monthly.
Finance Minister Muhammad Aurangzeb visited FBR Headquarters Islamabad today. He presided over an introductory meeting with FBR Chairman Malik Amjed Zubair Tiwana and Board members. pic.twitter.com/bFzOwyPf9q
— Ministry of Finance, Government of Pakistan (@Financegovpk) March 13, 2024
Muhammad Aurangzeb career
The biggest task for Muhammad Aurangzeb is to get around $6 billion in loans from the International Monetary Fund (IMF) to help the struggling economy.
Pakistan’s economy is facing tough times with high inflation and slow growth. Shehbaz Sharif, the Prime Minister, says getting this loan is crucial. Additionally, Pakistan needs to receive the last $1.1 billion part of a previous IMF loan, and $1 billion of the country’s bonds are due in April.
Muhammad Aurangzeb was picked instead of other candidates like Ishaq Dar and Shamshad Akhtar. This shows that Prime Minister Sharif believes technocrats like Aurangzeb can help solve Pakistan’s problems. The country almost couldn’t pay its debts last year, so getting things back on track is a big priority.
Sharif mentioned that they need to do a big surgery because just using antibiotics won’t solve their problems. We need to make big changes to strengthen the country. He believes that with determination, we can find solutions, and it’s never too late to start. Aurangzeb used to lead a big banking division in Singapore and has been running Habib Bank for six years. Last year, he mentioned that any new government must deal with certain IMF requirements to help the economy grow.
Even though Sharif has successfully made deals with the IMF before when he was prime minister, this time he had to directly talk to the head of the IMF, Kristalina Georgieva, to get things done. He did this because the former finance minister, Ishaq Dar, was delaying some important changes.
As per a media report, Sharif has a history of making changes and improving things. His comeback as prime minister for a second time makes it more likely that Pakistan will get a new deal with the IMF. Getting help from the IMF will also keep Pakistan in good standing with countries like Saudi Arabia and the United Arab Emirates, which have given Pakistan a lot of money in loans.
Despite the challenges, investors who kept supporting Pakistan have been rewarded. The value of Pakistan’s dollar bonds has gone up by almost 25% this year, the highest in Asia. Additionally, the currency has increased by about 1%.