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 appointment to the position since 1953. The Ministry of Economic Affairs announced the development on Friday during the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand. Federal Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan’s governor to the World Bank Group, was formally announced as the incoming chair during a plenary session of the meetings. The appointment gives Pakistan an opportunity to participate more directly in discussions concerning international economic policy, development financing and cooperation among member countries at a time when developing economies continue to face financial and investment challenges.
The annual meetings, scheduled from October 12 to 18, have brought together more than 15,000 participants representing 191 countries. The gathering includes central bank governors, finance ministers, economic policymakers, business leaders and representatives of international financial institutions. Discussions focus on the global economic outlook, development priorities, financial stability and the financing requirements of countries facing economic pressures. According to the Ministry of Economic Affairs, Pakistan’s return to the chairmanship after more than seven decades represents a significant development in its engagement with the international financial system. The ministry said the position would allow the country to contribute to global economic and development discussions while encouraging constructive dialogue among member states.
Following the announcement, Cheema received a briefing from the World Bank Group Corporate Secretariat on the responsibilities associated with the chairmanship. He also met Aradhana Kumar-Capoor, the WBG’s vice president and corporate secretary, to discuss institutional support and coordination arrangements for Pakistan’s upcoming term. These engagements are intended to familiarise the incoming chair with the procedures and responsibilities involved in guiding the work of the Boards of Governors. The role provides a platform for facilitating discussions among member countries, although decisions on institutional policies and financing continue to follow the established governance arrangements of the IMF and World Bank Group.
Cheema also met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors. During the meeting, Pakistan’s economic affairs minister congratulated Spalding on completing his tenure and acknowledged his stewardship of the office. The two officials exchanged views on the responsibilities attached to the chairmanship and the priorities that may shape the coming year. The discussions provided an opportunity to consider the institutional coordination required to manage the position and maintain engagement among the participating countries. Pakistan’s incoming leadership will place the country in a position to facilitate dialogue on development challenges and the financing needs of economies with different levels of income and access to international capital.
During his engagements in Bangkok, Cheema highlighted Pakistan’s commitment to strengthening the representation of developing countries in international financial discussions. He also emphasised the importance of effective and predictable development financing, stronger coordination among multilateral development institutions and greater mobilisation of private capital to support sustainable and inclusive economic growth. These priorities are particularly relevant for developing economies seeking long-term investment in infrastructure, public services, climate resilience and economic development. The ministry said Pakistan intended to work closely with the World Bank Group, the IMF and other member countries to promote constructive dialogue and contribute to a more responsive international development and financial system. The extent to which these priorities advance will depend on cooperation among member countries and the institutions’ established decision-making processes.
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. State-run Pakistan Television reported that the gathering provided an opportunity for informal interaction alongside the high-level engagements taking place during the international meetings. Aurangzeb is leading Pakistan’s delegation in Bangkok and is participating in discussions with international financial institutions, finance ministers, policymakers and investors. His engagements form part of Pakistan’s broader effort to maintain dialogue with development partners and international financial institutions on economic reforms, financing arrangements and the country’s development priorities.
Pakistan’s participation in the meetings comes as the country continues its engagement with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF). Earlier in October, Pakistan and the IMF reached a staff-level agreement following the fourth review of the EFF programme and the third review of the RSF arrangement. The agreement qualified Pakistan to draw approximately $1.2 billion from the Fund’s resources, subject to the applicable approval process. The two arrangements support Pakistan’s engagement with the IMF on economic stabilisation and resilience-related priorities. The IMF programme remains an important part of the country’s financial policy framework as it works to maintain macroeconomic stability, address economic vulnerabilities and strengthen confidence among international lenders and investors.
Pakistan’s incoming chairmanship of the IMF and World Bank Boards of Governors will therefore coincide with an important period in its economic engagement with international partners. Beyond the formal responsibilities of the position, the appointment offers an opportunity to present the concerns of developing economies in discussions on financing, institutional cooperation and sustainable growth. The country’s ability to use the role effectively will depend on its engagement with other member states and its capacity to build agreement around shared priorities. As the 2026 annual meetings continue in Bangkok, Pakistan’s delegation is pursuing both institutional engagement and discussions concerning the country’s ongoing financial relationship with international lenders.
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