- PM Shehbaz, President Zardari, CDF Field Marshal Asim Munir and others pay tribute to her services in field of economics and financial management
KARACHI: Renowned economist and former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar passed away due to a cardiac arrest at the age of 71 on Saturday.
Akhtar, known for her leadership roles in both national and international financial institutions, took over as the 14th governor of SBP on January 2, 2006, becoming the first woman to hold the position.
She had also been the finance minister in the caretaker setups before the 2018 and 2024 general elections.
Akhtar also served as the vice president of the World Bank for the Middle East and North Africa and the executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
Prior to her appointment as SBP governor, Akhtar served as the director general of the Asian Development Bank’s (ADB) Southeast Asia Department since January 2004. She also held the position of the Governance, Finance and Trade Division director for ADB’s East and Central Asia Department.
Condolences pouring in from far and wide
President Asif Ali Zardari expressed grief over her passing and paid tribute to her services in the field of economics and financial management, noting her contributions to strengthening economic governance in the country.
PRESIDENT’S SECRETARIAT
(Media Wing)
*****PRESS RELEASE
President expresses sorrow over passing of former Governor State Bank Shamshad Akhtar
Islamabad: 27 December 2025 — President Asif Ali Zardari has expressed deep sorrow and grief over the passing of former Governor State…
— Murtaza Solangi (@murtazasolangi) December 27, 2025
Prime Minister Shehbaz Sharif paid tribute to the late former central bank governor and said she was a “devoted public servant” and served the nation with distinction.
“She made outstanding contributions to strengthening Pakistan’s financial architecture,” said the premier and offered his “heartfelt condolences and prayers” to the family.
Deeply saddened to learn of the passing of Dr. Shamshad Akhtar. A renowned economist, former caretaker Minister for Finance, Governor of the State Bank of Pakistan, and a devoted public servant, she served the nation with distinction.
She made outstanding contributions to…
— Shehbaz Sharif (@CMShehbaz) December 27, 2025
Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir has expressed deep grief and sorrow over the demise of Dr Shamshad Akhtar and extended condolences to the bereaved family.
In his message, he prayed Allah Almighty Allah to rest the departed soul in eternal peace and grant patience to the bereaved family to bear this irreparable loss.
He said Dr Shamshad Akhtar rendered invaluable services to Pakistan in the field of economics.
Finance Minister Muhammad Aurangzeb described Akhtar as a principled and dignified voice in Pakistan’s economic history, praising her integrity, professionalism and long public service.
“She served the country with honesty and dedication in some of the most senior economic roles,” Aurangzeb said in a statement, offering condolences to her family, friends and colleagues.
وفاقی وزیرِ خزانہ سینیٹر محمد اورنگزیب نے سابق وزیرِ خزانہ اور سابق گورنر اسٹیٹ بینک ڈاکٹر شمشاد اختر کے انتقال پر گہرے رنج و غم کا اظہار کرتے ہوئے کہا ہے کہ ڈاکٹر شمشاد اختر پاکستان کی معاشی تاریخ میں ایک باوقار، اصول پسند اور مدبر آواز تھیں۔ انہوں نے کہا کہ مرحومہ ایک اعلیٰ…
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 27, 2025
The United Nations ESCAP, of which Akhtar was the former executive secretary, said the economist “steadfastly worked to strengthen regional economic cooperation and integration, supporting inclusive and sustainable development across Asia and the Pacific”.
ESCAP mourns the passing of former Executive Secretary Dr. Shamshad Akhtar. During her tenure, she steadfastly worked to strengthen regional economic cooperation and integration, supporting inclusive and sustainable development across Asia and the Pacific. pic.twitter.com/jB2xDW4NUn
— United Nations ESCAP (@UNESCAP) December 27, 2025
Pakistan‘s former ambassador to the UN, Maleeha Lodhi, said she was “devastated” by the former SBP governor’s passing. She said Akhtar’s services to the country would always be remembered and she was an “outstanding professional and a wonderful, caring human being”.
Devastated that my good friend Shamshad Akhter has passed away. We exchanged messages only two days ago and she was fine. How fragile life is. Her services to the country will always be remembered . She was an outstanding professional and a wonderful, caring human being. RIP https://t.co/8A7k9WO95I
— Maleeha Lodhi (@LodhiMaleeha) December 27, 2025
Journalists Khurram Husain and Ali Khizar also offered prayers and condolences on Dr Akhtar’s passing.
Deeply saddened to hear news of the passing away of Dr Shamshad Akhtar, former SBP Governor and finance minister. Very sudden, and very untimely. Rest in eternal peace Ma’am!
— Khurram Husain (@KhurramHusain) December 27, 2025
Born in Hyderabad, Akhtar received her early education in Karachi and Islamabad. She graduated from the University of Punjab with a Bachelor’s degree in Economics in 1974.
She then acquired a Master‘s degree in Economics from the Quaid-i-Azam University in Islamabad, an M.A. in Development Economics from the University of Sussex in 1977 and a PhD in Economics from the United Kingdom’s Paisley College of Technology in 1980. She was also a post-doctoral fellowship Fulbright Scholar and was a visiting fellow at the Department of Economics, Harvard University in 1987.
