‘It’s protocol, not power’: Ex-IMF chairman dismisses Pakistan’s ‘significant milestone’ leadership claim
Former IMF official Krishnamurthy V Subramanian clarified that Pakistan's upcoming 2027 chairmanship of the IMF and World Bank annual plenary is a purely ceremonial and routine protocol
Former IMF executive director Krishnamurthy V Subramanian has dismissed Pakistan's claims that its upcoming 2027 chairmanship of the IMF and World Bank annual plenary is a significant global milestone, clarifying that the rotating position is purely ceremonial and routine protocol designed to prevent dominance by major financial powers.
Former IMF executive director Krishnamurthy V Subramanian has dismissed Pakistan's claims that its upcoming 2027 chairmanship of the IMF and World Bank annual plenary is a significant global milestone, clarifying that the rotating position is purely ceremonial and routine protocol designed to prevent dominance by major financial powers.
Former IMF executive director Krishnamurthy V Subramanian has dismissed Pakistan's claims that its upcoming 2027 chairmanship of the IMF and World Bank annual plenary is a significant global milestone, clarifying that the rotating position is purely ceremonial and routine protocol designed to prevent dominance by major financial powers.
As Pakistan celebrates its new chairmanship of the board of governors of the International Monetary Fund (IMF) and the World Bank Group in 2027, ex-IMF chairman Krishnamurthy V. Subramanian clarified that it is routine protocol, dismissing Islamabad’s claim that it was a “significant milestone.”
Subramanian fact-checked the claim on X, writing, “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.”
Subramanian served as the IMF executive director for India between November 2022 and May 2025.
“A rotating chairmanship can offer visibility and an opportunity to facilitate dialogue. It does not, by itself, signify a new position of power in global finance,” he explained.
To prevent the position from being dominated by the huge financial powers in the world, the chairmanship is routinely rotated through all member countries, without any particular requirements from the chosen country.
The comments come as Pakistan’s minister for economic affairs, Ahad Khan Cheema, who is also the country’s governor at the World Bank, was formally designated as the Chair of the Boards of Governors of the World Bank Group and the IMF. Pakistan last held the role in 1953.
Announcing the chairmanship news on X, Pakistan’s Ministry of Economic Affairs said, “Pakistan will seek to foster inclusive dialogue, amplify the perspectives of developing economies, and advance a more responsive multilateral development and financial system.”
The Ministry added that returning to the Chairmanship after 73 years was a significant milestone for Pakistan. However, the announcement drew backlash on social media, with users calling the appointment hypocritical considering Pakistan’s inflation and unemployment rates.
Pakistan continues to rely on financial assistance from the IMF through two programmes, a $7 billion Extended Fund Facility (EFF) and a $1.4 billion Resilience and Sustainability Facility (RSF). The EFF targets supporting economic reforms in the country, while the RSF is to tackle climate change-related issues. Pakistan is awaiting approval for a further $1.2 billion from the IMF.