Dr Shamshad Akhtar, 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.
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At the time of her passing, Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange, a role that reflected her rare distinction of having led Pakistan’s monetary policy, fiscal management and capital markets during her illustrious career.
Widely regarded as one of Pakistan’s most accomplished economists, Dr Akhtar served as the first woman governor of the State Bank of Pakistan from January 2006 to January 2009. As the 14th governor of the central bank since its establishment, 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 in 2018 and later from 2023 to 2024 — managing the economy during politically sensitive transition periods.
In recognition of her outstanding services to the country, Dr Akhtar was awarded the Nishan-e-Imtiaz, Pakistan’s highest civil award, on March 23, 2024.
President Asif Ali Zardari expressed deep sorrow over her demise, paying tribute to her contributions to economic management and institutional strengthening, and offered condolences to her family. Finance Minister Muhammad Aurangzeb described her as a “dignified, principled and thoughtful voice in Pakistan’s economic history,” saying her services would always be remembered with respect.
Former caretaker IT minister Umar Saif also mourned her passing, calling it a national loss and praising her competence, warmth and dedication to public service.
Dr Akhtar’s career spanned several decades at leading global financial institutions. Before becoming SBP governor, she held senior positions at the Asian Development Bank (ADB), including Director General of the Southeast Asia Department. She earlier worked for a decade as an economist at the World Bank’s resident mission in Pakistan and served in federal and provincial planning offices.
She played a significant role in financial sector reforms, regulatory restructuring, and capital market development in Pakistan, while also advising central banks and governments internationally. Her work earned her global recognition, including being named Asia’s Best Central Bank Governor from Emerging Markets and being listed among Asia’s top professional women by The Wall Street Journal Asia.
Born in Hyderabad, Dr Akhtar received her education in Karachi, Islamabad and the United Kingdom, earning a PhD in Economics and completing post-doctoral research as a Fulbright fellow. She remained actively engaged in international policy forums and advisory councils until her passing.
Her death marks the end of a significant chapter in Pakistan’s economic history, leaving behind a legacy of reform, scholarship and global engagement.
