Dar out of race as Muhammad Aurangzeb to be appointed finance minister

Renowned banker Muhammad Aurangzeb is likely to become part of Prime Minister Shehbaz Sharif's federal cabinet as finance czar, sources said on Tuesday.

According to the sources, Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif's close aide Ishaq Dar has distanced himself from the country's top cash-keeper's post, citing health issues.

However, sources added, that PML-N stalwart is expected to get another important portfolio in the federal cabinet.

Sources further said that Shehbaz Sharif's party had first approached the HBL chairman Sultan Alanna, but he excused himself from taking the key portfolio due to international work commitments.

Aurangzeb is currently serving as the president of HBL and has an experience of over 30 years in the finance field. 

He was also the CEO of the Global Corporate Bank of JP Morgan in Asia.

A day earlier, Shehbaz Sharif was sworn-in as the 24th prime minister of Pakistan.

Following his election, Shehbaz directed the Ministry of Finance to begin talks with the International Monetary Fund (IMF) on a new Extended Fund Facility (EFF).

As per sources, the cash-strapped country wants to secure $6 to $8 billion from the US-based global lender in a new bailout package.