Finance
Who is Muhammad Aurangzeb, ex-JP Morgan to be Pakistan’s new finance minister
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.
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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Published: 09 Apr 2024, 05:36 PM IST
While most of the CDFI fund appears to be protected by Congress, Hinkle Brown said he’s concerned that the rules won’t apply.
“It’s unclear what overzealous implementation in this regard would look like,” he said. “If they eviscerate and make non-functional the CDFI fund there’s a lot of costs, the Philly region will suffer.”
It could put a dent in regional economic development efforts in low income communities, said Leslie Benoliel, CEO of Entrepreneur Works in Philadelphia.
“[Community Development Financial Institutions] are like the capillaries of the financial distribution system in our country. And if you cut off the blood flow to those extremities, that will cause enormous harm,” Benoliel said.
Small business owners who may not typically trust the banking system or government often will work one-on-one with a community organization, she said.
CDFIs across Pennsylvania were allocated $32 million under financial assistance, healthy foods and persistent poverty county financial assistance awards last year.
If there’s no federal support, local nonprofits will likely have to raise money another way, said Varsovia Fernandez, CEO of the Pennsylvania CDFI Network.
“There is a possibility of moving to a fee for services model where small businesses need to pay to receive technical assistance education and I would imagine [loans would have] a higher rate to be sustainable,” she said. “I am hoping that it’s not a drastic change what the White House ends up doing.”
On March 17, U.S. Treasury Secretary Scott Bessent said in a statement that the Trump administration understands the significance of the federal fund and local community lending organizations.
“CDFIs [Community Development Financial Institutions] are a key component of President Trump’s commitment to supporting Main Street America in the pursuit of job growth, wealth creation and prosperity,” Bessent said.
Finance
Stock market today: Dow, S&P 500, Nasdaq futures rise in search for another bounce-back week
US stock futures rose Sunday, as the major indexes looked for another week of gains toward the end of a rough month and quarter.
Futures attached to the benchmark S&P 500 (ES=F) rose 0.6%, with Nasdaq 100 (NQ=F) futures up 0.7%. Futures tied to the Dow Jones Industrial Average (YM=F) advanced around 0.4%.
As of 9:22:10 PM EDT. Market Open.
ES=F YM=F NQ=F
Tariffs continue to demand investor attention, as the April 2 deadline approaches for President Trump to enact reciprocal duties. Trump indicated on Friday that he is maintaining “flexibility” in relation to the tariffs’ rollout, but he hasn’t given a firm idea of what that would look like.
Other concerns for Wall Street include considerations over whether the year-to-date losses have only been a slowdown blip — or if the economy is heading into a recession. JPMorgan strategist Bruch Kasman, for one, pegs the chance of recession as high as 40%.
On the earnings front, quarterly results from Lululemon (LULU), Gamestop (GME), and Dollar Tree (DLTR) are all due this week amid a slower week of financial releases.
Looking at economic data for the week to come, a reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures Index, is due Friday. The PCE comes alongside a treading of the University of Michigan’s consumer confidence survey, as well as updates to Purchasing Managers’ Indexes for the manufacturing and services sectors.
Coming soon
Stock market coverage for Monday, March 25, 2025.
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