Pakistan has lost one of its most credible, principled, and globally respected economic minds with the passing of Dr Shamshad Akhtar. For many of us in the policy and business community, this is not just the loss of a distinguished public servant; it is the loss of a rare economist who combined intellectual depth with the courage and capacity to implement real change.
Over many years, I had the privilege of meeting Dr Shamshad Akhtar frequently. What stood out immediately was that she was never an economist of abstractions. She did not speak in slogans, nor did she rely on borrowed optimism. Her conversations were grounded in data, institutions, incentives, and execution. She firmly believed that economies do not improve through intent alone. They improve through governance, discipline, and credible frameworks that endure well beyond individuals and political cycles.
This belief defined her entire public life. Her tenure as Governor of the State Bank of Pakistan marked a decisive shift in how monetary authority and financial regulation were understood in the country. At a time when central banking was often viewed through the lens of short-term pressures, Dr. Akhtar insisted on institutional independence, prudential regulation, and systemic stability. She understood that credibility, once lost, takes years to rebuild and that the cost of instability is borne not by policymakers, but by ordinary citizens and businesses.
What made her stewardship distinctive was her insistence on implementation. Policy announcements, in her view, were meaningless unless backed by systems, supervisory capacity, and enforcement. Whether it was banking regulation, financial inclusion, or market discipline, she focused on building frameworks that could survive political transitions. That long-term, institution-centric, and rules-based approach is precisely what Pakistan has often struggled to embed, and what she consistently worked to advance.
Her later role as Chairperson of the Pakistan Stock Exchange reflected the same philosophy. Capital markets thrive on trust, trust in disclosure, trust in regulation, and trust in governance. Dr. Akhtar brought to the PSX a deep understanding of how emerging markets attract sustained investment only when transparency and best practices are treated as essentials, not options. She viewed the stock exchange not merely as a trading venue, but as a national institution central to mobilising savings, supporting corporate growth, and signaling confidence to investors at home and abroad.
Her understanding of markets was informed by extensive experience across emerging economies. She had seen, first hand, what worked and what failed in countries navigating development, volatility, and reform. This global exposure did not distance her from Pakistan’s realities; rather, it sharpened her judgment and reinforced her belief that governance and execution ultimately determine outcomes.
Dr Akhtar also served Pakistan at some of its most fragile moments as caretaker finance minister. Transition periods are often underestimated in their importance. Markets do not pause for elections, and economic risks do not wait for political clarity. In those moments, stability itself becomes a public good. She approached this responsibility with restraint and seriousness, prioritising continuity, confidence, and a broad economic direction that looked beyond immediate headlines towards medium and long-term stability.
In our interactions at multiple forums, including OICCI, she often emphasised the importance of policy consistency and institutional memory. She believed that economic management must rise above personalities and cycles, and that countries progress when consensus is built around rules and institutions rather than individuals. This perspective resonated deeply with the investor community represented by OICCI, for whom predictability, governance, and credible stewardship remain paramount.
In a country where economic debate is often polarised and politicised, Dr Akhtar stood apart. She was respected across ideological lines because her loyalty was not to factions or narratives, but to institutions and outcomes, and more than everything else, to Pakistan. Her decisions reflected a clear sense of national responsibility and a belief that strong institutions are the country’s most durable asset.
Her passing is a profound loss for Pakistan. Yet her legacy offers something equally powerful, a template for leadership rooted in competence, credibility, and continuity. She demonstrated that real change is not driven by noise, but by systems; not by short-term fixes, but by durable frameworks; and not by personal acclaim, but by service to the national interest.
May she rest in peace, and may Pakistan learn from the example she set.
Copyright Business Recorder, 2025
The writer is President — OICCI
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