According to the finance ministry, he was greeted cordially by ministry representatives upon his arrival, and a preparatory meeting of top management was subsequently arranged to enable introductions and preliminary conversations.
Following his appointment as a Federal Minister, Muhammad Aurangzeb simultaneously submitted his resignation as President and CEO of Habib Bank Limited (HBL).
Following the general elections on February 8th, which saw no party win a majority, Shehbaz Sharif was re-elected as prime minister by a coalition alliance in order to address the political and economic challenges facing the nation.
Aurangzeb was chosen ahead of a number of seasoned economic managers, including as the four-time finance minister Ishaq Dar, as the nation attempts to map out a way out of its financial woes.
In order to maintain Pakistan’s economy steady in the face of rising inflation and the need for outside finance, Prime Minister Shehbaz Sharif said that his administration will seek to negotiate a new, longer-term bailout when the present International Monetary Fund (IMF) program ends next month.
More than a month after the national election on February 8, the new cabinet was sworn in on Monday at a ceremony in which President Asif Ali Zardari delivered the oaths.
Despite not having a seat in parliament, Aurangzeb is allowed to serve as a minister for a maximum of six years under the Constitution.
