Shaukat Aziz was born on March 6, 1949 and brought up in the southern city of Karachi. He received his early education from St. Patrick School at Karachi and Public School at Abbottabad, graduated from Gordon College, Rawalpindi in 1967 and achieved MBA in 1969 from the Institute of Business Administration, Karachi in 1969. The same year, he started his career from Citibank as credit officer in Karachi and served in various countries including Greece, the United States, the United Kingdom, Malaysia and Singapore. After being promoted to many positions, as Citibank’s head of Corporate and Investment Banking for various regions, Corporate Planning Officer, Citicorp, country Manager for Citibank in Malaysia and in Jordan, a board member of Citibank subsidiaries and of several non-profit organizations, he was appointed Executive Vice President of Citibank in 1992. Before taking leave from Citigroup, he was the head of its global Private Banking division and progressed to a senior post with the bank in New York at the height of a 30-year career in global finance.
He was appointed as Finance Minister by the Government of Pakistan in November 1999 shortly after the army chief’s 1999 military coup with the task of revitalizing the sagging economy. As the finance minister, Shaukat familiarity with a global banking came as an advantage. He was given the responsibility for managing country Finance, Economic Affairs, Statistics, Planning and Development and Revenue Divisions. He is also Chairman of Economic Coordination Committee of the Cabinet; Chairman, Executive Committee of National Economic Council and Chairman, Cabinet Committee on Privatization. He became a Senator in 2002.
Shaukat Aziz was criticized for his policy of downsizing in the public sector but he asserts that he made these institutions viable while they were on the verge of collapse. Another allegation against Shaukat Aziz is that as a Finance Minister