'It's Protocol': Ex-IMF Director Gives Reality Check After Pakistan Boasts About Chairing IMF-World Bank Board

Former International Monetary Fund (IMF) executive director Krishnamurthy V Subramanian has called out Pakistan’s “historic milestone” claim over its appointment to chair the Boards of Governors of the IMF and World Bank Group in 2027. Subramanian noted that the role is largely ceremonial and rotates among member countries every year.

What Did Subramanian Say?

In a post on X, Subramanian explained that the chairmanship involves presiding over the annual meetings of the two global financial institutions rather than gaining greater decision-making power. He wrote, "Claim: 'Pakistan is heading back to the top table of global finance after 74 years!. Reality: Pakistan will chair the IMF-World Bank Annual Plenary in 2027. This chair is purely ceremonial & rotates annually: Paraguay this year, Cabo Verde in 2025. It's protocol, not power."

In another post, Subramanian compared the role with India’s presidencies of the G20 and BRICS, arguing that the positions have different responsibilities. “India's G20 presidency set the agenda for a major forum of global economic cooperation; its BRICS presidency drove an emerging-economies platform... Pakistan's role is to preside over an annual meeting,” he added.

Claim: “Pakistan is heading back to the top table of global finance after 74 years!” Reality: Pakistan will chair the IMF-World Bank Annual Plenary in 2027. This chair is purely ceremonial & rotates annually: Paraguay this year, Cabo Verde in 2025. It’s protocol, not power.🧵

— Prof. Krishnamurthy V Subramanian (@SubramanianKri) October 17, 2026

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Pakistan Calls Chairmanship 'Historic'

Subramanian’s rebuttal came after Pakistan’s Ministry of Economic Affairs announced on Friday that the country would chair the Boards of Governors of the IMF and World Bank Group in 2027. It will be the first time Pakistan has held the position since 1953. According to the official statement, Pakistan’s Minister for Economic Affairs and World Bank governor, Ahad Khan Cheema will take up the role.

The ministry described the development as a “historic milestone”, saying it would give Islamabad an opportunity to contribute to global economic and development discussions and encourage dialogue among member countries. The development comes at a time when Pakistan is currently supported by a USD 7 billion Extended Fund Facility (EFF) for economic reforms and external payment needs. Moreover, as of mid-October, Pakistan's total IMF credit outstanding stands at approximately USD 7.88 billion.

IMF Meetings

The IMF and World Bank Boards of Governors hold annual meetings to discuss the institutions’ work and address major economic and financial issues. The chairmanship rotates among member countries each year. The role involves presiding over the annual plenary session, where governors discuss institutional matters and approve relevant resolutions. However, the appointment does not automatically give a country greater control over the IMF or World Bank’s policies.

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