ISLAMABAD: Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, marking another step in its efforts to strengthen regional financial cooperation, trade and investment.
Thank you for reading this post, don't forget to subscribe!The Ministry of Finance announced on Monday that HBL Chairman Sultan Ali Allana has taken over as head of the consortium for the one-year period.
The ministry said the development coincides with Pakistan’s chairmanship of the SCO for the same period, reflecting the country’s growing role in promoting regional trade, investment, financial connectivity and economic cooperation.
Congratulating Allana on his appointment, the ministry reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration and shared prosperity.
The SCO-IBC serves as an important platform for financial cooperation among member states. Its objectives include promoting sustainable development through collaboration with multilateral institutions, enhancing regional trade and investment, and exploring new financing mechanisms for transnational mega projects.
Pakistan is also scheduled to host the next meeting of the SCO Council of Heads of State (CHS) after assuming the organisation’s chairmanship in September, further strengthening its engagement with the regional bloc.
Deputy Prime Minister and Foreign Minister Ishaq Dar has said Pakistan’s engagement with the SCO has evolved from observer status to proactive full membership since 2017, demonstrating its commitment to multilateralism and regional cooperation.
He has also described Pakistan’s upcoming chairmanship as a reflection of the confidence placed in its regional and international leadership.
Pakistan previously hosted the SCO Council of Heads of Government meeting in Islamabad in October 2024 and is currently chairing the organisation’s Regional Anti-Terrorist Structure for 2025-26.
The country also holds the permanent chairmanship of an SCO working group on poverty alleviation, which focuses on improving living standards across the region.
