Pakistan to Chair IMF and World Bank Boards for First Time Since 1953

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 next year. According to the Ministry of Economic Affairs, this marks the first time the country has held these positions since 1953.

The announcement was formally made during a plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok. Federal Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan’s governor to the World Bank, will assume the role. The meetings, scheduled from October 12 to 18, include over 15,000 business leaders, economic policymakers and central bank governors from 191 countries.

Diplomatic Engagements in Bangkok

Following the announcement, Cheema met with WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to coordinate institutional support and was briefed by the WBG Corporate Secretariat on the duties of the chairmanship. He also met with Carlos Carvallo Spalding, the governor of Paraguay’s central bank and the outgoing chair, to discuss the priorities for the upcoming year and the responsibilities of the office. Cheema commended the stewardship of Spalding and congratulated him on his completed tenure.

Separately, Finance Minister Muhammad Aurangzeb, who is leading the Pakistani delegation in Bangkok, met with World Bank Group President Ajay Banga during a dinner hosted by the Thai prime minister. State-run Pakistan TV reported that the dinner allowed for informal interaction alongside high-level meetings with investors, policymakers and finance ministers.

Pakistan Aims to Strengthen the Voice of Developing Countries

The Ministry of Economic Affairs described the appointment as a “historic milestone,” stating that the position allows Pakistan to facilitate constructive dialogue among member countries and contribute to global development discussions. During his meetings, Cheema emphasized Pakistan’s commitment to several goals, including:

• Strengthening the voice of developing countries.
• Promoting predictable and effective development financing.
• Mobilizing private capital for inclusive and sustainable growth.
• Enhancing coordination between multilateral development institutions.

Pakistan continues to engage with the IMF through a $1.4bn Resilience and Sustainability Facility (RSF) and a $7 billion Extended Fund Facility (EFF). Earlier this month, a staff-level agreement following a third review of the RSF and a fourth review of the EFF qualified the country to draw approximately $1.2bn from IMF resources.