What does assuming the chairmanship of the IMF, World Bank governing boards mean for Pakistan?

Dawn · 16/10/2026، 4:41:36 PM

Pakistan has been selected to chair the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group (WBG) in 2027, marking its return to the position after 74 years. The chairmanship carries mainly procedural and diplomatic responsibilities and does not give Pakistan additional authority over lending decisions by either institution. Minister for Economic Affairs Ahad Khan Cheema was announced as incoming chair during the annual meetings in Bangkok on Oct 16. Pakistan last held the position in 1953, when the finance and economic affairs minister, Mohamad Ali, chaired the eighth annual meetings of the IMF and International Bank for Reconstruction and Development (IBRD) in Washington. Pakistan is not the only South Asian country to have held the chairmanship. India chaired the annual meetings in Paris in 1950, with its finance minister, Chintaman D. Deshmukh, presiding over the proceedings. Pakistan followed in 1953, Sri Lanka — then known as Ceylon — in 1968 and Nepal in 1999. How is the chair selected? The bylaws of the IMF and World Bank set out the procedure for selecting a governor to chair their annual meetings. Section 6(a) of the World Bank’s bylaws states: “At each annual meeting the Board of Governors shall select a Governor to act as Chair”. The appointment continues until the conclusion of the following annual meeting. Similarly, Section 7 of the IMF’s bylaws provides for the selection of a chair and at least two vice chairs at each regular meeting, with their terms continuing until the next regular meeting. These provisions establish the selection procedure and duration of the chairmanship, which rotates among member countries, including developing economies, rather than being reserved for major shareholders. Who is eligible? Member countries appoint governors to represent them on the Boards of Governors of the IMF and World Bank. These are generally finance ministers, central bank governors or senior government officials holding equi