Former finance minister and ex-governor of the State Bank of Pakistan, Dr Shamshad Akhtar, passed away on Saturday at the age of 71. Her demise marks the loss of one of Pakistan’s most respected economists, whose career spanned decades of national service and international leadership in global financial institutions.
Dr Shamshad Akhtar was widely recognized for her expertise in economic governance, financial reform, and development policy. She played a pivotal role in shaping Pakistan’s financial framework and was admired for her professionalism, integrity, and commitment to institutional strength.
Over the years, she held several key positions within Pakistan’s economic and corporate landscape. She served as the Chairperson of the Board of Directors of the Pakistan Stock Exchange and Sui Southern Gas Transmission and Distribution Company, reflecting the trust placed in her leadership across major national institutions.
Dr Shamshad Akhtar also served as Pakistan’s finance minister during caretaker governments ahead of the 2018 and 2024 general elections. During these critical transitional periods, she was tasked with maintaining economic stability and ensuring continuity in fiscal management at times of political uncertainty.
Her influence extended far beyond Pakistan’s borders. She served as Vice President of the World Bank for the Middle East and North Africa region, where she contributed to development strategies impacting multiple countries. She also held the position of Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific, playing a significant role in advancing regional cooperation and sustainable development.
Before assuming office as the governor of the State Bank of Pakistan, Dr Shamshad Akhtar was associated with the Asian Development Bank. She served as Director General of ADB’s Southeast Asia Department and later as Director of the Governance, Finance, and Trade Division for East and Central Asia. Her work at ADB focused on financial sector reforms, economic resilience, and institutional governance.
Born in Hyderabad, Dr Shamshad Akhtar received her early education in Karachi and Islamabad. Her academic journey reflected her passion for economics and public policy. She earned a Bachelor’s degree in Economics from the University of Punjab in 1974, followed by a Master’s degree from Quaid-i-Azam University in Islamabad.
She further pursued advanced studies abroad, obtaining an M.A. in Development Economics from the University of Sussex in 1977 and completing her PhD in Economics from Paisley College of Technology in the United Kingdom in 1980. Her academic achievements laid the foundation for her distinguished professional career.
Dr Shamshad Akhtar’s passing has prompted condolences from political leaders, economists, and institutions across Pakistan and abroad. She is remembered as a trailblazer for women in economic leadership and a role model for future generations aspiring to serve the country through knowledge and integrity.
Her contributions to Pakistan’s financial stability and global economic dialogue will remain a lasting part of her legacy.
