Pakistan to chair IMF, WB boards in 2027

ISLAMABAD:

Pakistan will chair 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 leadership of both institutions since 1953, the Ministry of Economic Affairs said on Friday.

Economic Affairs Minister Ahad Cheema, who also serves as Pakistan's governor to the World Bank, was formally announced as the incoming chairman during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok.

The annual meetings, being held from October 12 to 18, brought together policymakers, central bank governors, business leaders and other participants from around the world to discuss the global economy.

The ministry described the appointment as a historic milestone, saying the chairmanship would provide Pakistan with an opportunity to contribute to international economic and development discussions and facilitate constructive dialogue among member countries.

Following the plenary session, the WBG Corporate Secretariat briefed Cheema 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 during Pakistan's tenure.

Cheema separately met outgoing chairman Carlos Carvallo Spalding, governor of Paraguay's central bank, congratulating him on completing his tenure and commending his stewardship. The two discussed the responsibilities of the office and priorities for the coming year.

During the meetings, Cheema reaffirmed Pakistan's commitment to strengthening the voice of developing countries, improving coordination among multilateral development institutions and promoting effective and predictable development financing.

He emphasised the importance of mobilising private investment to support sustainable and inclusive growth. He said Pakistan would work closely with the WBG, the IMF and member countries to encourage constructive dialogue and contribute to a more responsive multilateral development and financial system.

Separately, Finance Minister Muhammad Aurangzeb met World Bank Group President Ajay Banga at a dinner hosted by the Thai prime minister on the sidelines of the annual meetings in Bangkok, according to state-run Pakistan Television.

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 Fund reached a staff-level agreement following the fourth review under the EFF and the third review under the RSF.