Former SBP Governor and Renowned Economist Dr Shamshad Akhtar Passes Away at 71

Islamabad, The Gulf Observer: Dr Shamshad Akhtar, former Governor of the State Bank of Pakistan (SBP) and ex-caretaker Federal Finance Minister, passed away on Saturday at the age of 71 after suffering a cardiac arrest.

At the time of her death, Dr Akhtar was serving as Chairperson of the Pakistan Stock Exchange, a position that underscored her rare and distinguished role across Pakistan’s monetary policy, fiscal management, and capital markets. She was widely regarded as one of Pakistan’s most accomplished economists, with a national and international career spanning several decades.

Dr Akhtar served as the first woman Governor of the State Bank of Pakistan, assuming office on January 2, 2006, for a three-year term. She was the 14th governor of the central bank since its establishment in July 1948 and played a pivotal role in strengthening economic governance, advancing financial sector reforms, and enhancing 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, overseeing key economic portfolios during critical political transitions.

In recognition of her outstanding services in economics and public finance, Dr Akhtar was awarded the Nishan-e-Imtiaz, Pakistan’s highest civil honour, on March 23, 2024.

Condolences and Tributes

President Asif Ali Zardari expressed deep sorrow over her passing, paying tribute to her contributions to economic management and institutional strengthening. He offered prayers for the elevation of her ranks and extended condolences to her family.

Finance Minister Muhammad Aurangzeb also expressed grief, describing Dr Akhtar as a “dignified, principled and thoughtful voice in Pakistan’s economic history.” He said she served with integrity and dedication in every position she held, adding that her national services would be remembered with great respect.

Former caretaker IT and Telecommunications Minister Umar Saif described her death as a national loss, recalling their close professional bond during their time in the cabinet. “Pakistan is a poorer place today,” he wrote in a message on X.

Distinguished International Career

Prior to her appointment as SBP governor, Dr Akhtar had a long and distinguished career at the Asian Development Bank (ADB), which she joined in 1990. She rose through the ranks to become Director General of the Southeast Asia Department in January 2004, having earlier served as Deputy Director General and as Director of the Governance, Finance and Trade Division.

She represented the ADB at major global forums, including the Bank for International Settlements (BIS) and the International Organisation of Securities Commissions (IOSCO), and developed extensive expertise in the financial and economic affairs of Southeast Asia, Central Asia and China.

Before joining the ADB, Dr Akhtar worked for a decade as an economist at the World Bank’s Resident Mission in Pakistan and briefly served in planning offices of the federal and Sindh governments.

Her work covered macroeconomic analysis, monetary and fiscal policy, financial sector development and structural reforms. She authored influential research on taxation, intergovernmental fiscal relations, poverty and foreign direct investment, and played a key role in reforms of Pakistan’s financial regulatory institutions, including the Securities and Exchange Commission of Pakistan and the Insurance Commission.

Global Recognition and Academic Excellence

Dr Akhtar received numerous international honours. She was named Asia’s Best Central Bank Governor from Emerging Markets, recognised by The Banker’s Trust, and in 2008 was listed by The Wall Street Journal Asia among Asia’s top ten professional women. She also received medals from the presidents of Kazakhstan and Turkmenistan.

Since 2019, she served as one of 12 Global Advisors to China’s Ministry of Foreign Affairs on the Belt and Road Initiative, as well as a Policy Sherpa and later Council Advisor at the Boao Forum for Asia. She also advised UN bodies and served on G20 task forces during the presidencies of Japan, Saudi Arabia and Italy.

Education and Legacy

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’s Paisley College of Technology. She was also a Fulbright post-doctoral fellow and a visiting fellow at Harvard University.

Dr Shamshad Akhtar’s passing marks the end of an era in Pakistan’s economic policymaking. She leaves behind a lasting legacy of institutional reform, global engagement, intellectual leadership and public service, which will continue to inspire future generations.