Pakistan to chair IMF and World Bank boards in 2027 as it awaits $1.2bn loan

>Pakistan is set to chair the boards of governors of both the International Monetary Fund and the World Bank Group in 2027, its ministry of economic affairs said on Friday, according to Dawn. The announcement was made during the plenary session of the 2026 WBG-IMF annual meetings in Bangkok, where Pakistan's governor to the World Bank, economic affairs minister Ahad Khan Cheema, was formally named as the incoming chair. It marks the first time since 1953 that Islamabad has held the position.

The ministry described the appointment as a "historic milestone" and said it would let Pakistan take a more active part in global economic and development discussions while encouraging cooperation and dialogue among member nations. The development lands at an awkward moment for Islamabad, which is still waiting on a fresh IMF payout.

IMF staff and Pakistani authorities have reached agreement on the latest reviews of the country's ongoing lending programmes, opening the way for a disbursement of roughly $1.2 billion. That money remains subject to approval by the IMF's Executive Board. The arrangements in play include a $7 billion Extended Fund Facility, aimed at easing balance-of-payments pressures and pushing economic reforms, and a $1.4 billion Resilience and Sustainability Facility that supports efforts to counter climate-related threats.

The news comes as the IMF's latest projections put India's growth at 7 per cent for both 2026-27 and 2027-28, keeping it the world's fastest-growing major economy. The fund's outlook suggests India's run could outlast the fading of cyclical tailwinds generated by income tax cuts and Goods and Services Tax rationalisation, even as other energy-importing economies in its cohort struggle with slower growth and macroeconomic disruption.

Speaking at the Bloomberg New Economy Forum in New Delhi, Prime Minister Narendra Modi said India offers "the assurance of reliability and stability" in an uncertain world. He pointed to growth of 7.8 per cent in the April-June quarter of this year, adding that the expansion rests on a strong foundation.