Pakistan to Chair IMF, World Bank Boards of Governors in 2027 — First Time Since 1953
ISLAMABAD: Pakistan has been named the incoming chair of the Boards of Governors of the International Monetary Fund and the World Bank Group for next year, the first time in more than seven decades. The Ministry of Economic Affairs announced on Friday that the Pakistan IMF World Bank chairmanship will begin in 2027, calling it a “historic milestone” — Pakistan last held the office in 1953.
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 the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, according to the ministry’s statement.
The annual meetings, running from October 12 to 18, have brought together more than 15,000 participants from 191 countries for discussions on the world economy.
What the Pakistan IMF World Bank Chairmanship Actually Involves
The Boards of Governors are the highest decision-making bodies of the two institutions. They comprise the representatives of member countries and determine the broad direction of the organisations, including the admission of new members and changes to quotas and capital.
That still gives the chair real soft power: agenda-setting, convening authority, and the ability to shape the tone of the year’s deliberations. The ministry said the role will give Pakistan “an opportunity to contribute to global economic and development discussions and facilitate constructive dialogue among member countries”.
Cheema Briefed on Responsibilities in Bangkok
Following the plenary session, Cheema was briefed by the World Bank Group’s Corporate Secretariat on the responsibilities of the chairmanship. He also met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination during Pakistan’s term, the statement said.
The minister separately met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors. He congratulated Spalding on completing his tenure, and the two exchanged views on priorities for the coming year.
During the meetings, Cheema highlighted Pakistan’s commitment to “strengthening the voice of developing countries”, promoting effective and predictable development financing, enhancing coordination among multilateral development institutions, and mobilising private capital to support sustainable and inclusive growth.
Aurangzeb’s Engagements on the Sidelines
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 meetings, state-run Pakistan TV reported.
Aurangzeb is leading Pakistan’s delegation in Bangkok for talks with lenders, ministers and investors.
Related: Aurangzeb presses lenders to cut borrowing costs at Bangkok meetings and Pakistan eyes double-B credit rating, Aurangzeb tells S&P in Bangkok.
Backdrop: Pakistan’s IMF Programme
Pakistan remains engaged with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF). The two sides reached a staff-level agreement after a fourth review under the EFF and a third review under the RSF earlier this month, which qualified Pakistan to draw about $1.2 billion from the Fund’s resources.
Read more: IMF’s $1.2 billion loan tranche for Pakistan and Pakistan’s fiscal deficit falls to 22-year low, Aurangzeb tells MENAP.
The chairmanship announcement lands as Pakistan seeks to steady its economy, attract private investment and deepen its engagement with multilateral lenders.
*Sources: Dawn; second source: Business Recorder*
Frequently Asked Questions
What is the IMF and World Bank Boards of Governors chairmanship?
The Boards of Governors are the highest decision-making bodies of the IMF and the World Bank Group, made up of member-country representatives. The chair presides over the Annual Meetings’ plenaries, manages the Boards’ order of business, and builds consensus among 191 member states.
When does Pakistan take over as chair?
Pakistan was announced as the incoming chair during the plenary of the 2026 WBG-IMF Annual Meetings in Bangkok and will assume the chairmanship in 2027 — the first time since 1953.
Who is Ahad Khan Cheema?
Ahad Khan Cheema is Pakistan’s Federal Minister for Economic Affairs and also serves as the country’s governor to the World Bank. He has been formally announced as the incoming chair of the Boards of Governors of both institutions.
What is the status of Pakistan’s IMF programme?
Pakistan is engaged with the IMF under a $7 billion Extended Fund Facility and a $1.4 billion Resilience and Sustainability Facility. A staff-level agreement after the fourth EFF and third RSF reviews this month qualified Pakistan to draw about $1.2 billion.
