Dr Shamshad Akhtar, former governor of the State Bank of Pakistan and ex-caretaker federal minister for finance and revenue, 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 monetary policy, fiscal management and capital markets. Widely respected at home and abroad, she was regarded as one of Pakistan’s most accomplished economists.
Dr Akhtar made history as the first woman to lead the central bank, taking office as governor on January 2, 2006, for a three-year term. As the 14th governor since the institution’s creation in 1948, she played a key role in advancing financial sector reforms, strengthening economic governance and expanding Pakistan’s international economic engagement.
She later served twice as federal finance minister in caretaker governments, first in 2018 and again from 2023 to 2024, overseeing key economic portfolios during periods of political transition. In recognition of her services, she was awarded the Nishan-e-Imtiaz on March 23, 2024.
President Asif Ali Zardari expressed deep sorrow over her passing, paying tribute to her contributions to economic management and institutional strengthening, and offering condolences to her family. Finance Minister Muhammad Aurangzeb described her as a principled and thoughtful voice in Pakistan’s economic history, saying her national services would be remembered with respect.
Former caretaker minister Umar Saif also mourned her death, calling it a national loss and recalling her competence, warmth and integrity during their time together in the cabinet.
Before joining the central bank, Dr Akhtar built a distinguished international career at the Asian Development Bank, where she rose to serve as director general for Southeast Asia. Earlier, she held senior roles across governance, finance and trade, and represented the institution at major global forums.
She began her professional journey at the World Bank, where she spent a decade as an economist in Pakistan, contributing to research and policy work on macroeconomics, banking, fiscal relations and development finance. Over the years, she authored influential studies on taxation, poverty, investment and financial markets, and played an active role in reforming Pakistan’s financial regulatory institutions.
Born in Hyderabad, she received her early education in Karachi and Islamabad. She earned degrees in economics from the University of Punjab and Quaid-e-Azam University, followed by advanced studies in the United Kingdom, including a PhD in economics. She was also a Fulbright post-doctoral fellow and served as a visiting fellow at Harvard University.
Dr Akhtar’s passing is widely seen as the end of an era in Pakistan’s economic policymaking. Her legacy endures through decades of institutional reform, global engagement and scholarly contribution to the field of economics.
