Pakistan s new Finance Minister Muhammad Aurangzeb assumes charge of his office

ISLAMABAD – Pakistan’s new Federal Finance Minister Muhammad Aurangzeb, who is a Dutch national, assumed the charge of his office on Monday.

According to a statement issued by the Ministry of Finance, officials of the Finance Ministry welcomed Aurangzeb on his arrival at the office. Soon after assuming the charge of his office, Aurangzeb held an introductory meeting with the officials of the Finance Ministry.

The 19-member federal cabinet of new-elected Prime Minister Shehbaz Sharif was sworn in on Monday. Immediately after the swearing-in ceremony, the federal cabinet accepted the application of Aurangzeb, who is a citizen of the Netherlands, to revive his Pakistani citizenship. The federal cabinet accepted Aurangzeb’s application on the recommendation of the Interior Ministry.

Who Is Pakistan’s New Finance Minister Muhammad Aurangzeb?

Aurangzeb is one of the five highly paid bank CEOs. Before assuming charge as finance minister of Pakistan, Aurangzeb was working as CEO of the Habib Bank Limited and he has resigned from that job.

According to the 2023 annual report of the HBL, Aurangzeb was working with the bank against an annual salary of Rs352 million in addition to other perks and privileges. It means he was getting a monthly salary of Rs30 million. 

Originally from Kamalia, Aurangzeb is the son of the late attorney general of Pakistan Chaudhry Farooq Ramday, nephew and son-in-law of former Supreme Court judge Khalilur Rehman Ramday and nephew of former PML-N MNA and minister Chaudhry Asadur Rehman.