Pakistan to assume IMF, World Bank board chairmanship for first time in over 7 decades

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, for the first time since 1953, the Ministry of Economic Affairs said on Friday.

Federal Minister for Economic Affairs Ahad Khan Cheema, who is also Pakistan’s governor to the World Bank, was formally announced as the incoming chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, according to the ministry’s statement.

The IMF-World Bank annual meetings — scheduled to run from 12 to 18 October — have brought together more than 15,000 participants from 191 countries, including central bank governors, economic policymakers and business leaders, for discussions on the world economy.

The statement described the development as a “historic milestone”, noting that Pakistan would return to the chairmanship for the first time since 1953.

The ministry said the “role would provide Pakistan an opportunity to contribute to global economic and development discussions and facilitate constructive dialogue among member countries”.

Following the plenary session, Cheema was briefed by the WBG Corporate Secretariat on the responsibilities of the chairmanship. He also met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination during Pakistan’s term, the statement added.

The minister also met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors, according to the statement.

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He congratulated Spalding on completing his tenure and commended his stewardship, the statement said. The two exchanged views on the responsibilities of the office and priorities for the coming year.

During the meetings, Cheema highlighted Pakistan’s commitment to “strengthening the voice of developing countries”, promoting effective and predictable development financing, enhancing coordination among multilateral development institutions, and mobilising private capital to support sustainable and inclusive growth.

He reaffirmed Pakistan’s resolve to work closely with the WBG, IMF and member countries to foster constructive dialogue and contribute to a more responsive multilateral development and financial system, the ministry added.

Aurangzeb meets Ajay Banga on sidelines of IMF-WB meetings

Finance Minister Muhammad Aurangzeb met World Bank Group President Ajay Banga at a dinner hosted by the Thai prime minister on the sidelines of the World Bank Group-IMF Annual Meetings 2026 in Bangkok, state-run Pakistan TV reported.

“The occasion provided an opportunity for informal interaction alongside the high-level engagements at the annual meetings”, it said.

Aurangzeb is in Bangkok for the annual IMF and World Bank meetings.

He is leading Pakistan’s delegation and is holding high-level engagements with international financial institutions, finance ministers, policymakers and investors.

Pakistan remains engaged with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF).

The two reached a staff-level agreement after a fourth review under the EFF and a third review under the RSF earlier this month, which qualified Pakistan to draw about $1.2 billion from the Fund’s resources.