Pakistan wins 2027 chairmanship of IMF, World Bank board after 74 years, calls appointment ‘historic milestone’ | Today’s news

Pakistan will take over as chairman of the boards of governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in 2027, marking its return to the post after more than seven decades, the country’s economy ministry said on Friday.

Ahad Khan Cheema, Pakistan’s Minister of Economic Affairs and its World Bank Governor, was appointed as the incoming Chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok.

The ministry called the appointment a “historic milestone” and said the role would provide Islamabad with an opportunity to engage in global discussions on economic and development issues and encourage constructive engagement by member countries.

“At the #IMFWBGMeetings2026 Plenary in Bangkok 2026, Federal Minister for Economic Affairs and WBG Governor Mr. @AhadKhanCheema1 was formally announced as the Chairman of the World Bank Group and IMF Board for 2027,” Pakistan’s Ministry of Economic Affairs X wrote.

“This is a significant milestone for Pakistan, returning to the Chairmanship for the first time since 1953. The Minister also met Ms. Aradhana Kumar-Capoor, WBG Vice-President and Company Secretary, and Mr. Carlos Carvallo Spalding, outgoing Chairman, to exchange views on the role and its stewardship,” he added.

“Pakistan will strive to promote inclusive dialogue, amplify the perspectives of developing economies and promote a more responsive multilateral development and financial system,” he further said.

Pakistan’s engagement with the IMF and credit programs

The annual meeting of the IMF-WBG, held from 12 to 18 October, brought together more than 15,000 participants from 191 countries.

Pakistan is working with the IMF under the $7 billion Enhanced Facility (EFF) and the $1.4 billion Resilience and Sustainability Facility (RSF).

Pakistan uses resources under the Extended Fund (EFF) to meet its balance of payments requirements and to push through economic reforms. Meanwhile, the Resilience and Sustainability Facility (RSF) offers long-term financial support to help the country mitigate climate-related risks and improve its resilience.

The country could receive around $1.2 billion from the IMF, subject to approval by the fund’s Executive Board, following an agreement between IMF staff and Pakistani authorities on the latest revisions to both loan programs.