Pakistan to chair IMF, World Bank boards for 1st time
What's the story
Pakistan has been named the incoming chair of the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group (WBG) for the year 2027. This is a historic first since 1953. Ahad Khan Cheema was formally announced as the incoming chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok.
Global platform
Ministry of Economic Affairs terms development 'historic milestone'
The Ministry of Economic Affairs in Pakistan has termed this development a "historic milestone."
The chairmanship will provide Islamabad an opportunity to contribute to global economic and development discussions. It will also facilitate constructive dialogue among member countries.
The IMF-WBG annual meetings, which are being held from October 12 to 18, have brought together over 15,000 participants from 191 nations.
Financial programs
Pakistan engaged with IMF under $7 billion Extended Fund Facility
Pakistan is currently engaged with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF).
The EFF loan is aimed at addressing balance-of-payments needs and supporting economic reforms in Pakistan.
Meanwhile, the RSF provides long-term financing to help Pakistan tackle climate-related risks and enhance its resilience.
Financial aid
Pakistan likely to receive $1.2 billion from IMF
Pakistan is also likely to receive around $1.2 billion from the IMF, pending approval by its Executive Board.
This comes after an agreement between IMF staff and Pakistani authorities on recent reviews of the two loan programs.
The financial assistance will be crucial for Pakistan as it continues to work on economic reforms and climate resilience efforts.