Former SBP Governor and Renowned Economist Dr Shamshad Akhtar Passes Away

ISLAMABAD (MNN); Eminent economist and former State Bank of Pakistan governor Dr Shamshad Akhtar 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, marking a rare career that spanned Pakistan’s monetary policy, fiscal management and capital markets.

Dr Shamshad Akhtar assumed office as the 14th governor of the State Bank on January 2, 2006, becoming the first woman to hold the prestigious position. She also served as finance minister in caretaker governments ahead of the 2018 and 2024 general elections.

Her distinguished career included senior roles at major international institutions. 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).

Before joining the State Bank, she was director general of the Asian Development Bank’s Southeast Asia Department and also headed the Governance, Finance and Trade Division for ADB’s East and Central Asia Department.

Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She earned her bachelor’s degree in economics from the University of Punjab in 1974, followed by a master’s degree from Quaid-i-Azam University.

She later obtained 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 in 1987.

President Asif Ali Zardari expressed deep sorrow over her demise, paying tribute to her contributions to economic governance and financial management in Pakistan. Prime Minister Shehbaz Sharif described her as a devoted public servant who served the nation with distinction and played a key role in strengthening Pakistan’s financial architecture.

Finance Minister Muhammad Aurangzeb termed her a principled and dignified figure in Pakistan’s economic history, praising her integrity, professionalism and long public service. Planning Minister Ahsan Iqbal also expressed grief and extended condolences to the bereaved family.

The United Nations ESCAP acknowledged her efforts in strengthening regional economic cooperation and promoting inclusive and sustainable development across Asia and the Pacific. Former ambassador to the UN Maleeha Lodhi said Dr Akhtar’s services to the country would always be remembered, describing her as an outstanding professional and a compassionate human being.