Who will be the Next Pakistan Finance Minister?
Next Pakistan Finance Minister
ISLAMABAD who will be chosen to be Pakistan’s next finance minister is the subject of considerable speculation in the country’s capital. This is a crucial position that might “make or break”. The political prospects of the party that forms the next government. The decision is expected to made with the approval of the widely recognized establishment, which has become a significant decision-maker. It is represented in the top committee of the Special Investment Facilitation Council (SIFC), which was established on June 17, 2023.
According to sources who spoke to Business Recorder under strict anonymity.
Upon being approached, the PML-N’s top leadership, who are thought to be the most likely to form the next government. Although the party had suggested Bilal Azhar Kiyani be named as coordinator to the Economy and Energy Prime Minister in July 2022. But gave in to pressure from the establishment to keep the position for interim Pakistan Finance Minister Shamshad Akhtar.
According to additional sources
Kiyani is the second PML-N nominee for the portfolio to be rejected by the establishment, following Ishaq Dar. They added that although they could understand opposition to a finance ministry led by Dar given his appalling performance from September 27, 2022, to August 20, 2023. They could not say the same about Kiyani.
In addition Pakistani elections “may complicate” the new IMF agreement, according to Fitch under the condition of anonymity. A second senior official suggested that the establishment’s disapproval of Kiyani might have resulted from the real likelihood. He would be forced to carry out Dar’s economically disastrous suggestions. While Shamshad Akhtar could not possibly qualify for the same.
On the other hand, Hafeez Shaikh cannot be completely ruled out as the favorite Pakistan finance minister. Many chiefs of army staff, including Musharraf and Bajwa. According to some senior finance ministry officials who spoke on the condition of anonymity.
Ishaq Dar
Ishaq Dar will be the front-runner for the important position if the PML-N forms the government in the Centre, but he will have to decide between holding the positions of Senate chairman and Pakistan finance minister. Due to their affiliation with the banking industry, Sultan Ali Allana and Muhammad Aurangzeb were also candidates for the position of Pakistan finance minister.
In 2018 and 2023, Alana was previously under consideration to be the caretaker minister for finance twice. However, Dr. Shamshad Akhtar was able to win the position both times.
Dar will need to give up his strict stance on exchange rate policy and negotiate a favorable agreement with the IMF if he is appointed Pakistan finance minister and numerous other difficult choices to comfort the IMF.
Second, Dar must consent to the Special Investment Facilitation Council’s (SIFC) expanded jurisdiction throughout the policy-making process.
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 Pakistan finance minister.
Sultan Ali Allana
With almost 40 years of expertise in retail, corporate, and investment banking, he is a career banking professional.
In addition, Allana directs the Aga Khan to oversee the investments made by the Fund for Economic Development (AKFED) in banking, insurance, and aviation. 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. As well as Aurangzeb has elected the chairman of the Pakistan Economic Association. Association of Banks and Director of the Business Council of Pakistan.
Aurangzeb graduated from The Wharton School (University of Pennsylvania) with a BS and an MBA.
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