Pakistan was designated incoming Chair of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) for 2027 on 16 October 2026. The announcement was made during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, Thailand.
Governance of the Bretton Woods Institutions
The IMF and the World Bank were established at the 1944 Bretton Woods Conference. Their Boards of Governors are their highest decision-making bodies, with each member country represented by a governor and an alternate governor. Governors are generally finance ministers or central bank governors.
The WBG and IMF have separate Boards of Governors, although their Annual Meetings are held jointly. The chairmanship of the Boards is distinct from the executive leadership of the institutions: the World Bank Group has a president, while the IMF is led by a managing director.
Annual Meetings and Chairmanship
Pakistan’s Minister for Economic Affairs, Ahad Khan Cheema, was announced as incoming chair. Cheema also serves as Pakistan’s governor to the World Bank. Pakistan last held the chairmanship in 1953, before the 2027 appointment.
The 2026 Annual Meetings were held in Bangkok. After the announcement, Cheema received a briefing from the WBG Corporate Secretariat on the chair’s responsibilities and met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor and outgoing chair Carlos Carvallo Spalding of Paraguay.
IMF Lending Facilities
Pakistan is engaged in a USD 7 billion Extended Fund Facility (EFF) programme and a USD 1.4 billion Resilience and Sustainability Facility (RSF) arrangement with the IMF. The EFF provides support to countries facing medium-term balance-of-payments problems, while the RSF provides longer-term financing for eligible countries addressing structural challenges, including climate-related risks.
An additional USD 1.2 billion in IMF financing could be made available to Pakistan, subject to approval by the IMF Executive Board, following agreement on reviews of its ongoing programmes.
Important Facts for Exams
:
- The IMF and the World Bank were established at the Bretton Woods Conference in 1944.
- The IMF’s headquarters are in Washington, DC, United States.
- The World Bank Group comprises five institutions, including the International Bank for Reconstruction and Development and the International Development Association.
- The IMF Executive Board conducts the day-to-day business of the Fund.
The 2027 chairmanship applies to the Boards of Governors of both the WBG and the IMF. The IMF Executive Board must approve any additional financing for Pakistan.
