ISLAMABAD: Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, the Ministry of Finance said on Monday.
Habib Bank Chairman Sultan Ali Allana has taken over as head ofthe 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,’ a statement said.
The ministry congratulated Mr Allana on assuming the responsibility and reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating crossborder trade and investment, and advancing regional integration and sharedprosperity.
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.
Pakistan is also set to host the next meeting of the SCO Council of Heads of State (CHS) after assuming its chairmanship in September. Deputy Prime Minister Ishaq Dar said that 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.-Dawn Report