Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, the Ministry of Finance said on Monday.

HBL Chairman Sultan Ali Allana has taken over as head of the consortium for the period.

“The development coincides with Pakistan’s chairmanship of the SCO for the same period, reflecting the country’s role in promoting regional trade, investment, financial connectivity and economic cooperation”, the statement said.

The ministry congratulated Allana on assuming the responsibility and reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration and shared prosperity.

The SCO-IBC is a key platform for financial collaboration among SCO member states. It aims to promote sustainable development through cooperation with multilateral institutions, enhance regional trade and investment, and explore new mechanisms for developing transnational mega projects.

Pakistan is also set to host the next meeting of the SCO Council of Heads of State (CHS) after assuming its chairmanship in September. The development marks another step in the country’s growing engagement with the regional organisation, which has expanded its focus from security cooperation to economic development and regional connectivity.

Deputy Prime Minister and Foreign Minister Ishaq Dar has said Pakistan’s membership of the SCO has evolved from observer status to proactive full membership since 2017, reflecting its commitment to multilateralism and regional cooperation.

He has also described Pakistan’s upcoming chairmanship as a reflection of the confidence reposed in its regional and international leadership.

Pakistan hosted the SCO Council of Heads of Government meeting in Islamabad in October 2024 and is currently chairing the organisation’s Regional Anti-Terrorist Structure for 2025-26.

It also holds the permanent chairmanship of an SCO working group on poverty alleviation, which focuses on improving living standards across the region.