Pakistan to head IMF, World Bank boards after 74 years amid persistent economic crisis

Pakistan will take over the chairmanship of the boards of governors of the International Monetary Fund (IMF) and the World Bank Group in 2027, returning to the position for the first time since 1953, the country’s Ministry of Economic Affairs said on Friday.

The announcement was made during the 2026 World Bank-IMF Annual Meetings in Bangkok, where Pakistan’s Economic Affairs Minister Ahad Khan Cheema, who also serves as the country’s governor to the World Bank, was designated as the incoming chair.

The ministry described the appointment as a “historic milestone”, saying it would give Pakistan an opportunity to contribute to global economic discussions and facilitate dialogue among member countries.

However, the diplomatic recognition comes as Islamabad continues to face financial pressures and depends on external assistance to meet its economic needs.

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Pakistan awaits further IMF funding

Pakistan is currently receiving support through two IMF programmes: a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF).

The country has entered into at least 25 IMF loan programmes since joining the institution in 1950, reflecting recurring difficulties in securing sufficient foreign currency to meet external obligations amid inflation and financing pressures.

Islamabad could receive another $1.2 billion from the IMF, subject to approval by the fund’s Executive Board. The expected disbursement follows an agreement between IMF staff and Pakistani authorities on the latest reviews of both programmes.

The Boards of Governors are the highest decision-making bodies of the IMF and the World Bank, with each member country represented by a designated governor, usually its finance minister or central bank chief.

At the World Bank, most responsibilities are delegated to executive directors, who oversee the institution’s operations. Under its bylaws, the chair is chosen at the annual meeting and serves until the end of the next annual meeting.