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Pakistan has been named the new chair of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group for 2027. Thus, marking the country’s move to the position for the first time since 1953. The announcement was made by Pakistan’s Ministry of Economic Affairs on October 16 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 officially announced as the incoming chair during the plenary session. The Pakistani government regarded the appointment as a historic milestone, thus underscoring a scope for Pakistan to contribute to international economic discussions and elevate cooperation among member countries.
After the announcement, Cheema secured a briefing from the World Bank Group’s Corporate Secretariat on the responsibilities of the position. He also met Aradhana Kumar-Capoor, the institution’s vice president and corporate secretary, to discuss coordination during Pakistan’s tenure. In addition, he held deliberations with outgoing chair Carlos Carvallo Spalding, governor of Paraguay’s central bank, about the responsibilities and priorities of the role.
According to Pakistan’s Ministry of Economic Affairs, the country aims to promote stronger representation for developing nations, boost access to development financing and encourage coordination among multilateral financial institutions. It also aims to support sustainable and inclusive economic growth by mobilising private investment.
What Does the Chairmanship Mean?
The Boards of Governors are the highest governing bodies of the IMF and World Bank Group. Each member country appoints a governor, usually its finance minister or central bank governor, to present its interests.
However, the chairmanship primarily possesses diplomatic, procedural, and representational responsibilities. The chair presides over relevant meetings and facilitates discussions among member countries. Day-to-day operations, loan approvals and decisions concerning financial assistance remain mainly under the authority of the institutions’ respective Executive Boards.
Pakistan’s appointment comes as the country continues to rely on IMF financial assistance to elevate economic reforms, bolster foreign exchange reserves and resolve financial weakness.
Presently, Pakistan is involved with the IMF under a $7 billion Extended Fund Facility and a $1.4 billion Resilience and Sustainability Facility. A latest staff-level deal could unlock approximately $1.21 billion in extra funding, subject to clearance by the IMF Executive Board.
The 2026 annual meetings are happening in Bangkok from October 12 to 18, while the 2027 meetings are slated for Washington, DC, from October 4 to 9.