Former SBP governor Dr Shamshad Akhtar passes away
ISLAMABAD: Renowned economist and former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar, 71, passed away due to cardiac arrest 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.
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.
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. 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. Staff Report
