Pakistan has been selected to chair the Boards of Governors of the International Monetary Fund and the World Bank Group in 2027, marking its return to the position after 74 years. The announcement came on Friday during the plenary session of the 2026 annual meetings in Bangkok.

Federal Minister for Economic Affairs Ahad Khan Cheema, who serves as Pakistan's governor to the World Bank, was named the incoming chair. The Ministry of Economic Affairs described the development as a historic milestone that will allow Pakistan to contribute to global economic and development discussions and facilitate dialogue among member countries.

The chairmanship is largely procedural and diplomatic. It carries no additional voting power, control over lending decisions, or authority over IMF programs and World Bank loans. The Boards of Governors represent the highest decision-making bodies of the institutions, though operational responsibilities are delegated to the executive boards.

Pakistan last held the chair in 1953, when Mohamad Ali presided over the joint annual meetings in Washington. The country will preside over the 2027 meetings scheduled for October 4-9 in Washington.

Cheema met with outgoing chair Carlos Carvallo Spalding of Paraguay's central bank to discuss responsibilities and priorities. He also received briefings from World Bank officials on institutional support.

Pakistan currently participates in a $7 billion Extended Fund Facility and a $1.4 billion Resilience and Sustainability Facility with the IMF. Staff-level agreements on recent reviews could unlock further disbursements pending board approval.

Cheema emphasized strengthening representation for developing countries, improving access to development financing, and enhancing coordination among multilateral institutions. The appointment provides Pakistan with greater diplomatic visibility in international financial forums without altering its substantive influence over policy decisions.