Pakistan will take over the chairmanship of the boards of governors of the International Monetary Fund and the World Bank Group in 2027, returning to the position for the first time since 1953, the country’s ministry of economic affairs said on Friday.The announcement was made during the plenary session of the 2026 WBG-IMF annual meetings in Bangkok, where Pakistan’s minister for economic affairs Ahad Khan Cheema, who also serves as the country’s governor to the World Bank, was formally designated as the incoming chair, PTI reported.Describing the appointment as a “historic milestone”, the ministry said the role would allow Pakistan to participate in shaping global economic and development discussions and encourage constructive engagement among member countries.The annual meetings, scheduled from October 12 to 18, have brought together more than 15,000 participants representing 191 countries.The appointment comes as Pakistan continues to rely on financial assistance from the IMF through two programmes: a USD 7 billion Extended Fund Facility (EFF) and a USD 1.4 billion Resilience and Sustainability Facility (RSF).While the EFF is aimed at meeting the country’s balance-of-payments needs and supporting economic reforms, the RSF provides longer-term funding to help Pakistan tackle climate-related risks and improve its resilience.Pakistan could receive a further USD 1.2 billion from the IMF, subject to approval by the fund’s Executive Board. The anticipated disbursement follows an agreement reached between IMF staff and Pakistani authorities on the latest reviews of both programmes.