KARACHI: Dr Shamshad Akhtar, a renowned economist, former governor of the State Bank of Pakistan (SBP) and ex-caretaker federal finance minister, passed away on Saturday after suffering a cardiac arrest.
She was 71.
At the time of her death, Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange, making her one of the few figures in Pakistan’s history to have held senior roles across monetary policy, fiscal management and capital markets.
Widely regarded as one of Pakistan’s most accomplished economists, Dr Akhtar served as the 14th governor of the State Bank of Pakistan from January 2, 2006, for a three-year term, becoming the first woman to head the country’s central bank since its establishment in 1948. During her tenure, she played a key role in strengthening economic governance, financial sector reforms and Pakistan’s engagement with international financial institutions.
She also served twice as federal finance minister in caretaker governments — first ahead of the 2018 general elections and later from 2023 to 2024 — managing critical economic portfolios during periods of political transition.
Beyond Pakistan, Dr Akhtar had a distinguished international career. She served as vice president of the World Bank for the Middle East and North Africa and later as executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Prior to her appointment as SBP governor, she held senior positions at the Asian Development Bank (ADB), including director general of its Southeast Asia Department, and director of the Governance, Finance and Trade Division for East and Central Asia.
Dr Akhtar began her career at the ADB in 1990 and rose steadily through the ranks, representing the institution at global forums such as the Bank for International Settlements and the International Organization of Securities Commissions. Earlier, she worked for a decade as an economist at the World Bank’s resident mission in Pakistan and briefly served in the planning offices of the federal and Sindh governments.
Her work spanned macroeconomic analysis, monetary and fiscal policy, banking and capital markets, and structural reforms in key sectors including industry and agriculture. She was closely involved in reforms of Pakistan’s financial regulatory institutions and advised central banks on financial market development, including bond market expansion.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She earned a BA in Economics from the University of Punjab in 1974, an MSc from Quaid-i-Azam University, an MA in Development Economics from the University of Sussex in 1977, and a PhD in Economics from the UK’s Paisley College of Technology in 1980. She was also a Fulbright post-doctoral fellow and a visiting fellow at Harvard University’s Department of Economics.
In recognition of her services, Dr Akhtar received numerous international honours and accolades. On March 23, 2024, she was awarded the Nishan-e-Imtiaz, Pakistan’s highest civilian award, for her outstanding contributions to economics and public finance.
President Asif Ali Zardari expressed deep sorrow over her passing, paying tribute to her role in strengthening economic management and key state institutions. Finance Minister Muhammad Aurangzeb described her as a “dignified, principled and thoughtful voice in Pakistan’s economic history,” saying her national services would always be remembered with respect. Several former colleagues and public figures also paid tribute, recalling her professionalism, integrity and warmth.
Copyright Business Recorder, 2025
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