Pakistan to chair IMF and World Bank Boards of Governors in 2027, first time since 1953

Pakistan will chair the Boards of Governors of the International Monetary Fund and the World Bank Group in 2027, the first time it has held the seat since 1953, 74 years ago. Federal Minister for Economic Affairs Ahad Khan Cheema, who is Pakistan's governor at the World Bank, was formally named incoming chair at the plenary of the 2026 Annual Meetings in Bangkok, the Ministry of Economic Affairs said on Friday, Business Recorder reported.

The ministry called it a "historic achievement" and said the role would give Pakistan a bigger part in international economic and development discussions.

What the Boards of Governors chair does

Every member country has a governor on each board, usually its finance minister or central bank governor. The Boards of Governors are the highest decision-making bodies of the two institutions, and they meet once a year at the Annual Meetings. The chair rotates among members each year and presides over those meetings.

It is a ceremonial and agenda-setting role, not a lending one. It does not change the terms of Pakistan's own IMF programme or give it a larger vote.

Who Cheema met in Bangkok

• The World Bank's Corporate Secretariat briefed him on the role's duties.
• He met Aradhana Kumar-Capoor, the World Bank's Vice President and Corporate Secretary, on support for Pakistan's year as chair.
• He met the outgoing chair, Carlos Carvallo Spalding, governor of Paraguay's central bank.

Cheema said Pakistan would push for stronger representation of developing countries, development finance that is effective and predictable, better coordination between the multilateral lenders, and more private investment for growth.

Why it matters at home

The Bangkok meetings, running from 12 to 18 October, drew more than 15,000 participants from 191 countries. For Pakistan they come weeks after its staff-level agreement with the IMF on the fourth review of the Extended Fund Facility and the third review of the Resilience and Sustainability Facility, which makes about $1.2 billion available once the IMF board signs off.

At today's interbank rate on our dollar to rupee page, that is roughly Rs 332 billion. You can convert other amounts with the currency converter.

The chair itself brings no money. What it gives Pakistan is a year at the head table of the two institutions it borrows from most.