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 announcement was made during the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand. 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 a plenary session on October 16. The appointment gives Pakistan a role in facilitating discussions among member countries on international economic and development issues.
The annual meetings, scheduled from October 12 to 18, have brought together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers, business leaders, and representatives of international financial institutions. Following the announcement, Cheema received a briefing from the World Bank Group Corporate Secretariat on the responsibilities associated with the chairmanship. He also met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination for Pakistan’s upcoming term. Cheema separately met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors, to exchange views on the role and priorities for the coming year.
During the engagements, Cheema highlighted Pakistan’s stated priorities of promoting the interests of developing countries, supporting predictable development financing, improving coordination among multilateral development institutions, and mobilising private capital for sustainable and inclusive growth. The chairmanship will provide a platform for Pakistan to participate in discussions involving the governance and priorities of the two institutions. However, the appointment does not itself change the IMF’s or World Bank’s lending rules, nor does it guarantee changes to financing terms for individual countries. Its practical impact will depend on discussions, coordination, and decisions undertaken through the institutions’ established governance processes.
Separately, Finance Minister Muhammad Aurangzeb met World Bank Group President Ajay Banga at a dinner hosted by Thailand’s prime minister during the annual meetings. Pakistan’s delegation is also holding discussions with international financial institutions, finance ministers, policymakers, and investors. Pakistan remains engaged with the IMF under a $7 billion Extended Fund Facility and a $1.4 billion Resilience and Sustainability Facility. Earlier in October, the country reached a staff-level agreement following the fourth review under the EFF and the third review under the RSF, potentially qualifying it to receive approximately $1.2 billion in funding, subject to the applicable approval processes. The incoming chairmanship comes as Pakistan continues its engagement with international lenders on economic stability and development financing.
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