Who is Muhammad Aurangzeb, the man tasked with fixing Pakistan’s economy?

A veteran banker, Aurangzeb is a political outsider who analysts say must grapple with IMF reforms and crippling debt.

Islamabad, Pakistan — When Pakistan’s 19-member new cabinet took oath on March 11, one man stood out in the lineup: Muhammad Aurangzeb, a political outsider tasked with the challenge of steering the country out of its economic woes.

Aurangzeb, a veteran banker who previously headed one of Pakistan’s largest commercial banks, Habib Bank Limited (HBL), has been given the reins of a $350bn economy over several other contenders, including the four-time finance minister Ishaq Dar.

A graduate of the Wharton School of Business at the University of Pennsylvania, Aurangzeb also worked in major international banks, such as Citibank and JP Morgan, before his six-year stint at the HBL.

A dual national, Aurangzeb had to relinquish his Dutch nationality to hold a public office in Pakistan. While he is not a member of the parliament as yet, according to the country’s rules, he has six months to become a parliamentarian in order to continue as a federal minister.

Mr. Muhammad Aurangzeb officially took over the responsibility as Finance Minister of Pakistan after taking oath at the Presidency, today. pic.twitter.com/RSBhulbLwl

— Ministry of Finance, Government of Pakistan (@Financegovpk) March 11, 2024

Aurangzeb is not the first banker to become Pakistan’s finance minister. Before him, Shaukat Aziz held the position for eight years (1999-2007) under General Pervez Musharraf’s tenure, before becoming a prime minister.

Later, under the government of former prime minister Imran Khan and his Pakistan Tehreek-e-Insaf (PTI), banker Shaukat Tarin was given the portfolio which he held for one year (2021-2022) before the PTI