HBL Chairman Sultan Ali Allana has assumed leadership of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for the 2026–27 term, coinciding with Pakistan’s chairmanship of the regional organisation.
The Ministry of Finance said the development reflected Pakistan’s role in promoting regional trade, investment, financial connectivity and economic cooperation among SCO member states.
The ministry congratulated Allana on taking over the responsibility and reiterated Pakistan’s commitment to strengthening economic partnerships within the bloc, facilitating cross-border trade and investment, and promoting regional integration and shared prosperity.
The SCO-IBC serves as a key platform for financial cooperation among member states. It aims to support sustainable development through partnerships with multilateral institutions, strengthen regional trade and investment, and explore financing mechanisms for major cross-border projects.
Pakistan is also preparing to host the next meeting of the SCO Council of Heads of State after assuming the organisation’s chairmanship in September. The development marks another step in the country’s growing engagement with the regional bloc, whose agenda has expanded beyond security cooperation to include economic development and regional connectivity.
Deputy Prime Minister and Foreign Minister Ishaq Dar has said Pakistan’s engagement with the SCO has progressed from observer status to active full membership since 2017, demonstrating its commitment to multilateralism and regional cooperation.
Dar has also described Pakistan’s upcoming chairmanship as a reflection of the confidence placed in the country’s regional and international leadership.
Pakistan previously hosted the SCO Council of Heads of Government meeting in Islamabad in October 2024. It is also chairing the organisation’s Regional Anti-Terrorist Structure for 2025–26.
In addition, Pakistan holds the permanent chairmanship of an SCO working group on poverty alleviation, which focuses on improving living standards across the region.
