ISLAMABAD: Pakistan has been named the incoming chair of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) for 2027, marking the country’s first return to the position since 1953, the Ministry of Economic Affairs said on Friday.
Federal Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan’s governor to the World Bank, was formally announced as the incoming chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, Thailand.
The annual meetings, held from October 12 to 18, have brought together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders, to discuss global economic challenges and development priorities.
The ministry described Pakistan’s appointment as a historic milestone, saying the chairmanship would provide an opportunity to contribute to international economic and development discussions and promote constructive dialogue among member countries.
Following the announcement, Cheema received a briefing from the WBG Corporate Secretariat on the responsibilities of the chairmanship. He also met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination for Pakistan’s upcoming tenure.
Cheema also met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair, congratulating him on completing his tenure and discussing the responsibilities and priorities of the office.
During the engagements, Cheema reaffirmed Pakistan’s commitment to strengthening the representation of developing countries, promoting predictable development financing, improving coordination among multilateral development institutions and mobilising private capital to support sustainable and inclusive growth.
He also pledged to work closely with the World Bank Group, IMF and member countries to foster dialogue and contribute to a more responsive international financial system.
Aurangzeb Meets World Bank Chief in Bangkok
Separately, Finance Minister Muhammad Aurangzeb met World Bank Group President Ajay Banga at a dinner hosted by Thailand’s prime minister on the sidelines of the annual meetings, state-run Pakistan Television reported.
The gathering provided an opportunity for informal interaction alongside the high-level discussions taking place during the meetings.
Aurangzeb is leading Pakistan’s delegation in Bangkok and holding discussions with representatives of international financial institutions, finance ministers, policymakers and investors.
Pakistan remains engaged with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF).
Earlier this month, Pakistan and the IMF reached a staff-level agreement following the fourth review of the EFF and the third review of the RSF. The agreement, subject to the Fund’s approval process, qualified Pakistan to receive approximately $1.2 billion in financing.
