Former State Bank of Pakistan (SBP) governor and senior economist Dr Shamshad Akhtar passed away on Saturday at the age of 71, the Ministry of Finance confirmed. Her death marks the loss of one of Pakistan’s most respected and influential economic leaders.
Dr Akhtar was the first and only woman to serve as governor of the State Bank of Pakistan and held the position from 2006 to 2009. She later served twice as caretaker finance minister, steering the country’s finances during politically sensitive transition periods ahead of the 2018 and 2024 general elections. At the time of her passing, she was serving as chairperson of the Pakistan Stock Exchange (PSX), a rare distinction that reflected her wide-ranging leadership across Pakistan’s financial system.
President Asif Ali Zardari expressed deep sorrow over her demise, paying tribute to her lifelong dedication to public service and economic governance. In a message shared by the Presidential Spokesperson, the president acknowledged her contributions to public finance and prayed for eternal peace for the departed soul, while extending condolences to her family.
The Pakistan Stock Exchange also mourned her loss, describing Dr Akhtar as a distinguished leader whose services and legacy would always be remembered. The PSX board and management said her guidance played a key role in strengthening corporate governance, transparency, and investor confidence in the capital market.
Widely regarded as an economic stalwart, Dr Akhtar played a crucial role during some of Pakistan’s most challenging financial periods. She was actively involved in managing balance-of payments pressures, leading banking sector reforms, and engaging in critical negotiations with the International Monetary Fund (IMF) to stabilise the economy. Her tenure at the central bank is remembered for reinforcing financial regulation and enhancing the credibility and independence of monetary policy.
Beyond Pakistan, Dr Akhtar built a distinguished international career. She held senior positions at major global institutions, including Vice President of the World Bank for the Middle East and North Africa, Executive Secretary of the UN’s Economic and Social Commission for Asia and the Pacific (ESCAP), and leadership roles at the Asian Development Bank, where she oversaw development and governance programmes across the region.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She earned a BA in Economics from the University of Punjab, an MSc from Quaid-e-Azam University, an MA in Development Economics from the University of Sussex, and a PhD in Economics from the UK. She was also a Fulbright postdoctoral fellow and served as a visiting fellow at Harvard University.
Tributes poured in from economists, policymakers, and market leaders, who remembered her as a trailblazer and a role model for women in a traditionally male dominated field. Former finance minister Miftah Ismail described her as a great Pakistani who earned respect both at home and abroad, while market experts praised her integrity, resilience, and visionary leadership.
Dr Shamshad Akhtar’s passing marks the end of an era in Pakistan’s economic history. Colleagues and observers remember her as a steady hand in times of crisis and a powerful voice for Pakistan on the global financial stage, whose legacy will continue to inspire future generations.
