Pakistan to chair IMF, World Bank boards of governors after 74 years

ISLAMABAD: Pakistan has been named to head the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in 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 named the incoming chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, according to a ministry statement.

The annual meetings, being held from October 12 to 18, have drawn more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders, to discuss key issues affecting the global economy.

The ministry termed Pakistan’s selection a historic achievement, saying the chairmanship would allow the country to participate more actively in international economic and development discussions and promote dialogue among member states.

Following the announcement, Cheema received a briefing from the WBG Corporate Secretariat on the responsibilities associated with the role. He also met World Bank Group Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional assistance and coordination for Pakistan’s tenure.

Cheema also held a meeting with Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors. He congratulated Spalding on completing his term and praised his leadership, while the two discussed the office’s responsibilities and priorities for the coming year.

During the engagements, Cheema underscored Pakistan’s commitment to amplifying the voice of developing countries, ensuring effective and predictable development financing, improving coordination among multilateral development institutions and mobilising private investment for sustainable and inclusive growth.

He also reaffirmed Pakistan’s willingness to work with the IMF, the World Bank Group and member countries to encourage constructive engagement and strengthen the international financial and development system, the ministry said.

Earlier this month, Pakistan and the IMF reached a staff-level agreement following the fourth review of the EFF programme and the third review of the RSF. The agreement made Pakistan eligible to receive around $1.2 billion from the Fund, subject to the completion of the required approval process.