Pakistan will assume the chairmanship of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) next year, marking its first return to the role since 1953, the Ministry of Economic Affairs said on Friday.

Federal Minister for Economic Affairs Ahad Khan Cheema, who also serves as Pakistan’s governor to the World Bank, was formally announced as the incoming chair during the plenary session of the 2026 WBG-IMF Annual Meetings in Bangkok, according to the ministry.

The annual meetings, scheduled for October 12 to 18, have brought together more than 15,000 participants from 191 countries. The gathering includes central bank governors, economic policymakers and business leaders discussing the global economy.

The ministry described Pakistan’s selection as a “historic milestone”. It said the chairmanship would give Pakistan an opportunity to contribute to global economic and development discussions and encourage constructive dialogue among member countries.

Cheema holds meetings with World Bank officials

Following the plenary session, Cheema received a briefing from the WBG Corporate Secretariat on the responsibilities of the chairmanship.

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He also met WBG Vice President and Corporate Secretary Aradhana Kumar-Capoor. They discussed institutional support and coordination for Pakistan’s upcoming term, the ministry said.

Cheema separately met Carlos Carvallo Spalding, governor of Paraguay’s central bank and the outgoing chair of the Boards of Governors.

The minister congratulated Spalding on completing his tenure and praised his stewardship, according to the statement. They also discussed the responsibilities of the position and priorities for the coming year.

During the meetings, Cheema highlighted Pakistan’s commitment to strengthening the voice of developing countries. He also called for effective and predictable development financing, better coordination among multilateral development institutions and greater mobilisation of private capital.

These priorities, the ministry said, would support sustainable and inclusive growth.

Cheema reaffirmed Pakistan’s commitment to working closely with the WBG, the IMF and member countries. He said the country would support constructive dialogue and efforts to build a more responsive multilateral development and financial system.

Aurangzeb meets World Bank chief Ajay Banga

Separately, Finance Minister Muhammad Aurangzeb met World Bank Group President Ajay Banga at a dinner hosted by the Thai prime minister during the annual meetings in Bangkok, state-run Pakistan Television reported.

“The occasion provided an opportunity for informal interaction alongside the high-level engagements at the annual meetings,” the broadcaster said.

Aurangzeb is leading Pakistan’s delegation to the meetings. His engagements include discussions with international financial institutions, finance ministers, policymakers and investors.

Pakistan remains engaged with the IMF under a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF).

Earlier this month, Pakistan and the IMF reached a staff-level agreement following the fourth review under the EFF and the third review under the RSF, according to the report. The agreement qualified Pakistan to draw approximately $1.2 billion from the Fund’s resources.

The agreement remains subject to the IMF’s applicable approval process.