Pakistan assumes chairmanship of SCO Interbank Consortium for 2026-27

Pakistan has taken on the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for the 2026-27 term, the Ministry of Finance announced on Monday. Sultan Ali Allana, Chairman of HBL, is set to lead the consortium during this period. This appointment aligns with Pakistan's own chairmanship of the SCO for the same timeframe, underscoring the nation's dedication to fostering regional trade, investment, financial interconnectedness, and economic collaboration.

The Ministry expressed its congratulations to Allana and reiterated Pakistan's resolve to bolster economic ties among SCO member nations, facilitate cross-border commerce and investment, and advance regional integration and collective well-being. The SCO-IBC serves as a vital forum for financial cooperation among SCO members. Its objectives include promoting sustainable development through collaboration with multilateral entities, enhancing regional commerce and investment, and investigating innovative methods for the development of cross-border mega projects.

Pakistan is also scheduled to host the subsequent SCO Council of Heads of State meeting in September, following its chairmanship inauguration. This move highlights Pakistan's deepening engagement with the regional body, which has broadened its scope from security collaboration to economic development and regional connectivity. Deputy Prime Minister and Foreign Minister Ishaq Dar noted that Pakistan's SCO membership has evolved from observer status to active full membership since 2017, signifying its commitment to multilateralism and regional cooperation.

He also described Pakistan's impending chairmanship as a testament to the trust placed in its regional and global leadership. Recently, Pakistan hosted the SCO Council of Heads of Government gathering in Islamabad in October 2024 and currently presides over the organisation's Regional Anti-Terrorist Structure for 2025-26. Additionally, Pakistan holds the permanent chairmanship of an SCO working group focused on poverty alleviation, aimed at improving living standards throughout the region.