Aurangzeb was sworn in as a federal minister earlier in the day in a ceremony at the Aiwan-e-Sadr in Islamabad. He is part of the 19-member federal cabinet.

Aurangzeb resigned from his position as leader of the country’s largest bank, HBL said in a letter to the stock exchange.

“Mr. Muhammad Aurangzeb, has tendered his resignation to the Board of Directors of Habib Bank Limited (“HBL”) and shall step down as President and Chief Executive Officer of HBL. The Board of Directors of HBL has accepted his resignation, subject to the approval of the State Bank of Pakistan,” read the notice.

Aurangzeb was picked over several veterans previously involved in handling the $350 billion economy, including four-time finance minister Ishaq Dar, as the country looks to plot a path out of its economic difficulties.

The new finance team would seek to negotiate a new International Monetary Fund programme after the current stand-by arrangement expires next month.

The South Asian country seeks to have a longer term bailout to keep the country’s economy stable amidst high inflation and external financing requirements.