As Pakistan sits on a ticking time bomb due to one of its worst economic crises, ex-JP Morgan banker, Muhammad Aurangzeb has taken up the role of finance minister to fix his nation, which is an unenviable task for many.
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Leaving behind his comfort in Singapore, a high-paying job and Dutch citizenship, Aurangzeb is ready to take some of the toughest decisions related to the International Monetary Fund (IMF) program and other policy measures to bring Pakistan’s economy back from the brink.
Pakistan is witnessing one of its worst economic crises, which has aggravated because of the massive impact of climate change, diplomatic ties with neighbouring nations, volatile domestic politics, etc. As of now, Islamabad is lurching from one bailout program to the next with the IMF classifying its debt as only borderline sustainable. It is also struggling with skyrocketing inflation, stunted growth, and one of the lowest tax-collection rates in the world.
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Who is Muhammad Aurangzeb, Pakistan’s new finance minister?
With a massive experience in the banking and finance industry, Muhammad Aurangzeb took up the post of Pakistan finance minister last month when its economy was enduring the most turbulent period in its history.
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Aurangzeb comes from an affluent family in Lahore. He went to the nation’s elite Aitchison College then studied at Wharton on a scholarship before working at Citigroup Inc. in New York early in his career. His father was Pakistan’s attorney general.
After beginning his career, Aurangzeb returned to Pakistan to work at a unit of ABN Amro Bank NV. Later, he shifted to the bank’s headquarters in Amsterdam. After living abroad, he again returned to his home country after he left his job at JPMorgan in Singapore to become the Chief Executive Officer of Pakistan’s largest lender, Habib Bank Ltd.
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Aurangzeb’s stint as PM Sharif’s economic council member in 2022
Fondly known as Auri by his family, Aurangzeb also worked as a member of the prime minister’s economic advisory council in 2022 during Sharif’s previous term. His stint as a member of the PM’s economic council gives him an upper hand while dealing with the current difficulties related to Pakistan’s economy, Moreover, he was tapped for the finance post a few weeks before the election, flying from his base in the commercial capital Karachi to meet with Sharif multiple times before accepting the offer, reported Bloomberg.
(With inputs from Bloomberg)
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Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.
Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.
James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”
Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”
Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”
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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”
With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.
Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.
*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.
The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.
Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.
Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”
Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.
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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”
