ISLAMABAD: Pakistan is set to chair the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group in 2027, marking the country’s first such appointment since 1953, the Ministry of Economic Affairs said.
Federal Minister for Economic Affairs Ahad Khan Cheema will take up the role of chair of the boards of governors of both institutions, according to the ministry. The announcement was made during the annual meetings of the two institutions held at Bangkok in Thailand.
The boards of governors are the highest decision-making bodies of the IMF and the World Bank Group. They represent member countries and set the overall direction of their work. The ministry said the chairmanship would give Pakistan an opportunity to take part in key discussions on the global economy and development, while promoting dialogue and cooperation among member countries.
Following the announcement, Cheema received a briefing from the World Bank Group’s Corporate Secretariat on the responsibilities of the chairmanship. He also met World Bank Group Vice President and Corporate Secretary Aradhana Kumar-Capoor to discuss institutional support and coordination for Pakistan’s term.
Cheema also met outgoing chair Carlos Carvallo Spalding, governor of Paraguay’s central bank, and congratulated him on completing his tenure. During the meetings, Cheema stressed the need to strengthen the voice of developing countries, ensure reliable development financing and improve coordination among international development institutions.
He also highlighted the importance of attracting private investment to support sustainable and inclusive economic growth.
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