Muhammad Aurangzeb, the CEO of Pakistan’s largest bank, was picked as finance minister in the country’s new cabinet that was sworn in on Monday, as Pakistan looks to strike a new IMF deal and stabilise the economy.

A national election last month resulted in no party holding a majority, after which a coalition alliance elected Shehbaz Sharif as Prime Minister for a second time to tackle the country’s economic and political crises.

Sharif has included Muhammad Aurangzeb, chief executive officer of HBL bank, in the cabinet and he will be given the portfolio of finance minister.

“Mr Muhammad Aurangzeb officially took over the responsibility as Finance Minister of Pakistan after taking oath at the Presidency, today,” the ministry of finance said in a post on X on Monday night.

HBL said he was stepping down from the bank.

Aurangzeb was picked over several veterans previously involved in handling the $350 billion economy, including four-time finance minister Ishaq Dar.

Dar was also named a federal minister and has been appointed as foreign minister, Reuters saw in a government document outlining the allocation of portfolios.