Pakistan Reclaims IMF and World Bank Chair After Seven Decades

Bangkok (GNP): 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, the Ministry of Economic Affairs said on Friday.

Federal Minister for Economic Affairs Ahad Khan Cheema, who is also 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. The meetings run from October 12 to 18 and have brought together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders.

The ministry described the development as a historic milestone, noting that Pakistan will return to the chairmanship for the first time since 1953. It said the role would give Pakistan an opportunity to contribute to global economic and development discussions and to facilitate constructive dialogue among member countries.

Work on the handover began immediately after the plenary session. Cheema was briefed by the WBG Corporate Secretariat on the responsibilities of the chairmanship, and he met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination during Pakistan’s term.

He also met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors. Cheema congratulated Spalding on completing his tenure and commended his stewardship, and the two exchanged views on the responsibilities of the office and the priorities for the coming year.

During the meetings, Cheema set out the priorities Pakistan intends to bring to the chair. These include strengthening the voice of developing countries, promoting effective and predictable development financing, improving coordination among multilateral development institutions, and mobilising private capital to support sustainable and inclusive growth.

He reaffirmed Pakistan’s resolve to work closely with the WBG, the IMF and member countries to foster constructive dialogue and contribute to a more responsive multilateral development and financial system.

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Pakistan’s presence in Bangkok is not limited to the chairmanship. Finance Minister Muhammad Aurangzeb is also attending the annual meetings, where he is leading Pakistan’s delegation and holding high-level engagements with international financial institutions, finance ministers, policymakers and investors.

The announcement also comes while 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, the two sides reached a staff-level agreement after the fourth review under the EFF and the third review under the RSF, which qualified Pakistan to draw about $1.2 billion from the Fund’s resources.

Ahad Khan Cheema said Pakistan is committed to “strengthening the voice of developing countries.”