HBL chief tapped for incoming finance team
ISLAMABAD: The chief executive officer of Habib Bank Ltd (HBL), Pakistan’s largest bank, is likely to be tapped for a top position in the finance team of newly elected Prime Minister Shehbaz Sharif, two sources told Reuters, ahead of talks with the IMF for a fresh bailout deal. Pakistan urgently needs a fresh IMF agreement to shore up its struggling $350 billion economy which is suffering from high inflation, low reserve and high external financing needs. Muhammad Aurangzeb, currently the CEO of HBL, is likely to be appointed Special Assistant to the Prime Minister on Finance, two sources said — one in the finance ministry and the other with direct knowledge of discussions. A final decision is yet to be taken. Sharif has to pick a cabinet after being sworn in on Monday — most importantly a finance team, with Pakistan’s current $3 billion, nine-month IMF programme expiring next month.