The appointment of Muhammad Aurangzeb as Finance Minister of Pakistan is a positive move towards steering the economy of the country in the right direction, said Bloomberg in a report.
“Pakistan’s Prime Minister Shehbaz Sharif picked a former banker from JPMorgan Chase & Co. as finance minister, marking a shift to using technocrats to steer the cash-strapped economy and negotiate for new loans from the International Monetary Fund (IMF)”, the US-based Bloomberg reported.
Premier Shehbaz Sharif had the experience of closing a deal with the multilateral lender as prime minister. He personally negotiated with IMF Managing Director Kristalina Georgieva, it added.
Bloomberg Economics analyst Ankur Shukla said in a report that Shehbaz Sharif had a track record of carrying out reforms and his return as prime minister for a second term increased the chances of securing a new IMF package.
His party’s election manifesto — which includes cutting the fiscal deficit and fixing the current account balance — is aligned with the IMF targets or, in some cases, even more ambitious, Shukla wrote in the report.
It added Pakistan had rewarded investors who still plowed in funds as the nation’s dollar bonds handed them a gain of almost 25% this year, the biggest in Asia.
