ISLAMABAD: The finance minister’s position will be crucial to the new arrangement as the two main political parties negotiate to build a government in the center, given the nation’s economic difficulties.
After five rounds of negotiations, the Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) were unable to come to an agreement and will meet again today.
The country is facing an economic crisis, so whatever party forms the next administration will eventually need to approach the International Monetary Fund (IMF) for a new contract. The upcoming finance minister’s portfolio won’t be roses at all because he will have to deal with three pressing issues. First, he must finish the ongoing IMF program; second, he must negotiate a staggered deal with the lender; and third, he must present and obtain approval for the next budget, which is scheduled for 2024–2025, in accordance with the conditions of the IMF program.
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Ishaq Dar
Ishaq Dar will be the front-runner for the important position if the PML-N forms the government in the Center, but he will have to decide between holding the positions of Senate chairman and Finance Minister.
Due to their affiliation with the banking industry, Sultan Ali Allana and Muhammad Aurangzeb were also candidates for the position of finance minister.
In 2018 and 2023, Allana was previously under consideration to be the caretaker minister for finance twice; however, Dr. Shamshad Akhtar was able to win the position both times.
In order to appease the IMF, Dar, should he be appointed finance minister, will need to negotiate a favorable agreement with them, giving up his strict stance on currency rates and making a number of other difficult choices.
Second, Dar must consent to the Special Investment Facilitation Council’s (SIFC) expanded jurisdiction throughout the policy-making process.
Should Dar end up being selected for the Q Block, he may want Tariq Bajwa to be his counselor.
After winning the seat from Jhelum in the National Assembly, Azhar Bilal Kayani may be appointed to the position of minister of state in any significant energy or economic ministry.
Sultan Ali Allana
At the moment, Sultan Ali Allana is the chairman of Habib Bank Limited’s board of directors.
With almost 40 years of expertise in retail, corporate, and investment banking, he is a career banking professional.
In addition, Allana oversees the Aga Khan Fund for Economic Development’s (AKFED) banking, insurance, and aviation interests as a director of the organization.
Allana has graduate and undergraduate degrees in engineering and management from the University of Wisconsin and McGill University.
Muhammad Aurangzeb
On April 30, 2018, Muhammad Aurangzeb became the president and CEO of the HBL.
Prior to this, Aurangzeb served as the CEO of JP Morgan’s Global Corporate Bank, which was headquartered in Asia. He also held senior management positions at ABN AMRO and RBS, which were headquartered in Amsterdam and Singapore, throughout his extensive 30-year career in international banking.
In addition to being elected as the chairman of the Pakistan Banks’ Association and director of the Pakistan Business Council, Aurangzeb is the only person from Pakistan to get an invitation to join the exclusive Global CEO Council, which is run by the WSJ/DowJones group.
Aurangzeb graduated from The Wharton School (University of Pennsylvania) with a BS and an MBA.