Pakistan Takes the Helm: Chairing IMF and World Bank for the First Time Since 1953

Historic Appointment for Pakistan

Islamabad: Pakistan has been designated as the upcoming chair of the Boards of Governors for both the International Monetary Fund (IMF) and the World Bank Group (WBG) for the year 2027. This marks the country's return to this prestigious role for the first time since 1953, as announced by the Ministry of Economic Affairs on Friday.

During the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan's governor to the World Bank, was officially introduced as the incoming chair.

The ministry hailed this development as a "historic milestone," emphasizing that this chairmanship will enable Islamabad to engage in global economic and development discussions while fostering constructive dialogue among member nations.

The ongoing IMF-WBG annual meetings, taking place from October 12 to 18, have attracted over 15,000 participants from 191 countries.

Currently, Pakistan is collaborating with the IMF under a USD 7 billion Extended Fund Facility (EFF) and a USD 1.4 billion Resilience and Sustainability Facility (RSF).

The EFF is being utilized to tackle balance-of-payments challenges and support necessary economic reforms, while the RSF aims to provide long-term financing to help the nation mitigate climate-related risks and enhance its resilience.

Additionally, Pakistan is anticipated to receive approximately USD 1.2 billion from the IMF, pending approval from its Executive Board, following an agreement reached between IMF staff and Pakistani authorities regarding the latest evaluations of the two loan programs.