Bangkok/Islamabad, October 16,2026: 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 return to the position for the first time since 1953, the Ministry of Economic Affairs said on Friday.
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.
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 and business leaders, to discuss the global economy.
The ministry described Pakistan’s appointment as a historic milestone, saying the role would provide an opportunity to contribute to global economic and development discussions and facilitate constructive dialogue among member countries.
Following the plenary session, Cheema received a briefing from the WBG 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 tenure.
The minister also met Carlos Carvallo Spalding, governor of Paraguay’s central bank and outgoing chair of the Boards of Governors. Cheema congratulated him on completing his tenure and commended his stewardship. The two discussed the responsibilities of the office and 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, improving coordination among multilateral development institutions and mobilising private capital to support sustainable and inclusive growth.
He reaffirmed Pakistan’s resolve to work closely with the WBG, IMF and member countries to promote constructive dialogue and contribute to a more responsive multilateral development and financial system.
Aurangzeb meets World Bank chief on sidelines of annual meetings
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 2026 WBG-IMF Annual Meetings in Bangkok, state-run Pakistan Television reported.
The occasion provided an opportunity for informal interaction alongside the high-level engagements taking place during the annual meetings, the report said.
Aurangzeb is leading Pakistan’s delegation to the meetings and holding engagements with international financial institutions, finance ministers, policymakers and investors.
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 IMF reached a staff-level agreement following the fourth review under the EFF and the third review under the RSF, qualifying the country to receive approximately $1.2 billion from the Fund’s resources.
