By Asia Samachar | Pakistan |
Dr Shamshad Akhtar, renowned economist and first woman to serve as governor of the State Bank of Pakistan, passed away in Karachi on Saturday (Dec 27) after suffering a cardiac arrest. She was 71.
Her death marks the end of an influential chapter in Pakistan’s economic and financial history, spanning monetary policy, fiscal management and capital markets.
At the time of her passing, she was serving as chairperson of the Pakistan Stock Exchange, an appointment she first took up in 2021. She also chaired Sui Southern Gas Company, underscoring her continued engagement in key national institutions.
Dr Akhtar made history in January 2006 when she became the first woman to serve as governor of the country’s central bank, holding the position until 2009. Widely respected for her integrity and technical expertise, she focused on strengthening central bank independence, improving regulatory frameworks and aligning Pakistan’s monetary governance with international standards.
She also served twice as caretaker finance minister, steering fiscal policy during transitional periods ahead of the 2018 and 2024 general elections.
Finance Minister Muhammad Aurangzeb described her as a “principled and dignified voice” in Pakistan’s economic history, praising her honesty, professionalism and lifelong public service.
Internationally, Dr Akhtar was regarded as one of Pakistan’s most experienced economic policymakers. She held senior roles at the World Bank, served as vice president for the Middle East and North Africa, and later became executive secretary of the UN ESCAP. Earlier in her career, she worked at the Asian Development Bank, including as director general of its Southeast Asia Department.
Born in Hyderabad, Sindh, Dr Akhtar received her early education in Karachi and Islamabad. Her academic credentials included degrees from the University of the Punjab, Quaid-i-Azam University, the University of Sussex, and a PhD from the Paisley College of Technology.
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