Pakistan to chair IMF, World Bank boards as it awaits fresh loan approval

In an ironic twist, Pakistan, which is awaiting approval for a $1.2 billion loan from the International Monetary Fund (IMF), is reportedly set to chair the boards of governors of both the IMF and the World Bank Group (WBG) in 2027.

It will be the first time since 1953 that Islamabad will be heading the position, the country’s ministry of economic affairs said on Friday, reported Dawn.

During the plenary session of the 2026 WBG-IMF annual meetings in Bangkok, Pakistan's governor to the World Bank, minister for economic affairs Ahad Khan Cheema, was formally announced as the incoming chair.

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According to the ministry, the role would allow Pakistan to play a more active role in global economic and development discussions, while fostering cooperation and dialogue between member nations. It also described the appointment as "historic milestone" for Islamabad.

The IMF staff and Pakistani authorities have reached an agreement on the latest reviews of its ongoing lending programmes, paving the way for a potential disbursement of approximately $1.2 billion. This is however, subject to approval by the Executive Board.

The two payments include, a $7 billion Extended Fund Facility (EFF), intended to ease balance-of-payments needs and advance economic regforms and a $1.4 billion Resilience and Sustainability Facility (RSF), which supports efforts to mitigate climate-related threats.

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The Indian economy is expected to grow at 7 per cent in 2026-27 and 2027-28, retaining its status as the world’s fastest-growing economy, the IMF said on Tuesday. The latest IMF projections also suggest that India’s high growth run might outlast the waning of policy-induced cyclical tailwinds from income tax cuts and Goods and Services Tax rationalisation.

This feat comes at a time when most countries in India’s cohort - energy importers and those outside the ongoing technology boom , are struggling with economic growth and facing macroeconomic disruptions. IMF’s latest observations should put to rest the controversy about the June quarter GDP numbers lacking statistical integrity.

“In a world filled with uncertainty, India offers the assurance of reliability and stability,” Prime Minister Narendra Modi said at the Bloomberg New Economy Forum in New Delhi. “In the April-June quarter of this year, India’s growth rate stood at 7.8 per cent. And this growth rests on a strong foundation,” he added.

Nidhi Giri is a Senior Content Producer at the Hindustan Times. A Delhi-based journalist with over four years of experience in the news media industry, she specialises in national affairs, geopolitics, and policy shifts. Her expertise spans breaking news coverage, live blogging, and long-form explainers. Prior to joining HT, Nidhi was part of the newsrooms at Asian News International (ANI) and The Daily Jagran where she led newsroom shifts, contributed to planned content, and edited stories. She has led real-time coverage of major national and international events.