Magazine article Economic Review

The New Finance Minister

Magazine article Economic Review

The New Finance Minister

Article excerpt

For the past six years, he has been looking after the monetary side of the economy in his position as SBP governor. While enjoying the respect of international donor agencies - which most bankers attribute to his time at the IMF - many in the financial sector are sceptical about his appointment as a member of the National Security Council. "He has survived the governments of Nawaz Sharif and Benazir Bhutto, as well as the caretakers in between.

Shaukat Aziz is a graduate of the Institute of Business Administration, Karachi. He joined Citibank in 1968 and has never looked back since. Before the recent merger of Travellers Group with Citicorp, Aziz was one of the top five officials at the latter. Currently, he is an Executive Vice-President (EVP) and head of private banking. In this position, Aziz commands over 50 billion dollars of funds and enjoys access to some of the richest men in the world. His personal ties with rich Arabs, dating back to when he headed the Saudi-American Bank (an affiliate of Citibank), give him an edge over most senior bankers in the country. He has also served as Citibank's chief in Singapore and Malaysia.

The other senior member in the new team is Dr. Mohammad Yaqub who currently holds the office of the State Bank (SBP) governor. Dr. Yaqub has ample experience working in Pakistan at different positions in the Ministry of finance. For the past six years, he has been looking after the monetary side of the economy in his position as SBP governor. While enjoying the respect of international donor agencies which most bankers attribute to his time at the IMF-many in the financial sector are sceptical about his appointment as a member of the National Security Council. "He has survived the governments of Nawaz Sharif and Benazir Bhutto, as well as the caretakers in between. …

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