Islamabad (GNP): Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, the Ministry of Finance said on Monday.
HBL Chairman Sultan Ali Allana has taken over as head of the consortium for the period. The ministry congratulated him on the responsibility and noted that the appointment coincides with Pakistan’s chairmanship of the Shanghai Cooperation Organisation (SCO) for the same period.
The consortium is a key platform for financial collaboration among SCO member states. It aims to promote sustainable development through cooperation with multilateral institutions, enhance regional trade and investment, and explore new mechanisms for developing transnational mega projects.
Against that background, the ministry reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO members. It also pledged to facilitate cross-border trade and investment and to advance regional integration and shared prosperity.
The role adds to a larger agenda for Pakistan this year. The country assumed the SCO chairmanship in September and is set to host the next meeting of the SCO Council of Heads of State. The step reflects the organisation’s widening focus, which has grown from security cooperation to economic development and regional connectivity.
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Deputy Prime Minister and Foreign Minister Ishaq Dar has said Pakistan’s SCO membership has moved from observer status to proactive full membership since 2017, which he links to its commitment to multilateralism and regional cooperation. He has also described the upcoming chairmanship as a sign of the confidence placed in Pakistan’s regional and international leadership.
Pakistan’s recent record within the organisation supports that claim. It 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. It also holds the permanent chairmanship of an SCO working group on poverty alleviation, which focuses on improving living standards across the region.
The Ministry of Finance said the development reflects Pakistan’s role in “promoting regional trade, investment, financial connectivity and economic cooperation”.
Managing Editor at Global News Pakistan (GNP), with a Bachelor's degree in International Relations from Riphah International University, graduated with a Gold Medal. Reach out at sabahtareengnp@gmail.com
