Renowned banker Muhammad Aurangzeb will become cash-strapped Pakistan's finance minister as newly-elected Prime Minister Shehbaz Sharif is all set to appoint his federal cabinet, a media report said on Tuesday.
Aurangzeb is the President and CEO of Karachi-based Habib Bank Ltd.
Before this responsibility, Aurangzeb was the CEO of JP Morgan's Global Corporate Bank based in Asia, with a rich international banking experience of over 30 years.
Ishaq Dar, a former finance minister and a close aide of Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, is out of the race owing to health issues, Geo News quoted a source as saying.
Dar might be given another important post, the report said.
During the previous Pakistan Democratic Movement government, Dar faced an uphill task in reviving the stalled International Monetary Fund (IMF) programme.
Meanwhile, sources also said that the government's first choice for finance minister was Sultan Alanna, the chairman of Habib Bank Limited (HBL), due to his vast experience in finance and economy.
However, he could not commit due to his international work commitments.
Allana has been credited in the past for conceptualising Roshan Digital Account and the behind-the-scenes project management required to get Pakistan out of the FATF Grey list.
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