- Sadiq Khan
- Yesterday
Former SBP governor Dr Shamshad Akhtar passes away
-
- Web Desk
- Dec 27, 2025
KARACHI: Former finance minister and State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar passed away after cardiac arrest at the age of 71, family sources said on Saturday.
According to the source, her funeral prayers will be offered in Karachi tomorrow after Zuhr.
Dr Shamshad Akhtar assumed office as the 14th governor of the State Bank of Pakistan on January 2, 2006. She was the first woman to serve as SBP governor and had extensive national and international experience in banking.
Before her appointment as SBP governor, she was associated with the Asian Development Bank (ADB) as director general of the Southeast Asia Department, a position she had held since January 2004.
Earlier, she served as deputy director general of the same department. She also remained ADB’s director of Governance, Finance and Trade Division for East and Central Asia.
Shamshad Akhtar began her career at the Asian Development Bank in 1990. After serving as senior and lead specialist in the financial sector, she became a manager there in 1998.
From 1998 to 2001, she also served as ADB’s coordinator for the APEC Finance Ministers’ Group.
She worked on several ADB committees, including the Restructuring Committee, Appeals Committee and Oversight Committee.
She represented the Asian Development Bank in dialogues with the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO).
She had also been the finance minister in the caretaker set-ups prior to the 2018 and 2024 general elections.
Dr Shamshad developed deep expertise in the financial and economic affairs of Central Asian states and Southeast Asia, including the People’s Republic of China.
Before joining ADB, Shamshad Akhtar worked for 10 years as an economist with the World Bank’s resident mission in Pakistan. She was also associated for some time with the planning departments of the federal and Sindh governments.
She worked on diverse subjects including economic situation analysis, finance and monetary issues, and structural reforms in key sectors such as industry and agriculture.
She also authored papers on topics such as Pakistan’s irrigation system, intergovernmental fiscal relations, poverty and its dimensions, and foreign direct investment.
Dr Shamshad also played a role in diversifying financial markets, including analysing monetary policy and the state of industrial banking (at the World Bank), restructuring the Securities and Exchange Commission, and reforming the insurance commission.
She also worked closely with private institutions, including the Pakistan Stock Exchange. She continued to advise central banks on financial market reforms. In addition to her involvement in legal, regulatory and institutional reforms of the banking sector, she provided advisory services to diversify the banking industry through the development of the bond market and the use of long-term funds.
Born in Hyderabad, Shamshad Akhtar received her early education in Karachi and Islamabad, maintaining an outstanding academic record. She completed her BA in Economics from the University of the Punjab in 1974 and an MSc in Economics from Quaid-e-Azam University, Islamabad.
She earned an MA in Development Economics from the University of Sussex in 1977 and a doctorate in Economics from Paisley College of Technology, UK, in 1980. She was also a Fulbright Scholar (post-doctoral fellowship) and served as a visiting fellow in the Economics Department at Harvard University in 1987.
Dr Shamshad Akhtar presented numerous papers on economics and finance at international conferences, seminars and symposia. Her key research interests included monetary and fiscal policy, banking and capital markets, international financial architecture, regulation and supervision, and industrial and corporate restructuring.
Meanwhile, President Asif Ali Zardari and Prime Minister Shehbaz Sharif on Saturday expressed deep grief over the passing of former State Bank of Pakistan governor Dr Shamshad Akhtar, paying rich tributes to her services in the fields of economics and financial management.
In his condolence message, President Zardari lauded her role in strengthening economic governance in the country and acknowledged her contributions to key financial reforms.
Prime Minister Shehbaz Sharif described Dr Akhtar as a “devoted public servant” who served the nation with distinction. He said she made “outstanding contributions to strengthening Pakistan’s financial architecture” and extended heartfelt condolences and prayers to the bereaved family.
Finance Minister Muhammad Aurangzeb called Dr Akhtar a principled and dignified voice in Pakistan’s economic history, praising her integrity, professionalism and long public service. He said she served the country with honesty and dedication while holding senior economic positions.
Minister for Planning and Development Ahsan Iqbal also expressed deep sorrow over her demise and offered prayers and condolences to the family.
In an official message, the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP), where Dr Akhtar served as executive secretary, said she worked steadfastly to promote regional economic cooperation and integration, supporting inclusive and sustainable development across Asia and the Pacific.
Former Pakistan’s ambassador to the United Nations Maleeha Lodhi said she was devastated by the news, adding that Dr Akhtar’s services to the country would always be remembered. She termed her an outstanding professional and a compassionate human being.
Senior journalists, including Khurram Husain and Ali Khizar, also expressed condolences and prayed for the departed soul.
Chief of Defence Forces Field Marshal Syed Asim Munir also expressed grief over the passing of Dr Shamshad Akhtar and extended his condolences to the bereaved family.
The field marshal prayed that may Allah elevate the ranks of the departed soul and grant patience to the family. He said that Dr Shamshad Akhtar rendered valuable services to Pakistan in the field of economy.
You May Also Like
