Dr Shamshad Akhtar, former governor of the State Bank of Pakistan and ex-caretaker finance minister, passed away on Saturday following a cardiac arrest.
President Asif Ali Zardari expressed deep sorrow and grief over the passing of Dr Akhtar.
In a statement, the president paid tribute to her services in the field of economics and financial management, noting her contribution to strengthening economic governance in the country.
He prayed for the elevation of the departed soul’s ranks and extended his heartfelt condolences to the bereaved family.
Dr Akhtar, who served as the first female SBP governor, was a highly accomplished economist with an extensive national and international career spanning several decades in global financial institutions.
She took charge as SBP governor 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 the first woman to hold the position, bringing with her vast experience in economic policy, financial sector reform and international development.
Before her appointment as SBP governor, Dr Akhtar served at the Asian Development Bank (ADB), where she held the post of Director General of the Southeast Asia Department from January 2004.
Prior to that, she was Deputy Director General of the same department and also served as Director of the Governance, Finance and Trade Division in ADB’s East and Central Asia Department.
Dr Akhtar began her career at the ADB in 1990 and rose steadily through the ranks, becoming manager in 1998 after serving as senior and principal financial sector specialist. Between 1998 and 2001, she acted as ADB’s Coordinator for the APEC Finance Ministers Group and served on several internal committees, including the Reorganisation Committee, Appeals Committee and Oversight Committee.
During her tenure at ADB, she represented the institution at major global forums, including the Bank for International Settlements and the International Organisation of Securities Commissions (IOSCO). She developed deep regional expertise in the financial and economic affairs of Southeast Asia, Central Asian Republics and the People’s Republic of China.
Before joining the ADB, Dr Akhtar worked for a decade as an economist at the World Bank’s Resident Mission in Pakistan. She also briefly served in the planning offices of both the federal and Sindh governments. Her work covered a wide range of areas, including macroeconomic analysis, monetary and fiscal policy, finance, and structural reforms in key sectors such as industry and agriculture.
Her research and policy contributions included papers on Pakistan’s taxation system, inter-governmental fiscal relations, poverty incidence and its dimensions, and foreign direct investment. At the World Bank, she played a key role in analysing monetary policy, the state of the banking industry and the diversification of financial markets.
Dr Akhtar was also closely involved in reforms of Pakistan’s financial regulatory institutions, including the restructuring of the Securities and Exchange Commission and the Insurance Commission. She worked extensively with the private sector, including Pakistan’s stock exchanges, and advised central banks on financial market reforms. Her expertise extended to banking sector legal, regulatory and institutional reforms, as well as the development of long-term funding mechanisms through bond markets.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She maintained an outstanding academic record throughout her career. She earned a BA in Economics from the University of Punjab in 1974, followed by an MSc in Economics from Quaid-e-Azam University, Islamabad.
She obtained an MA in Development Economics from the University of Sussex in 1977 and completed her PhD in Economics from the UK’s Paisley College of Technology in 1980.
She was a Fulbright post-doctoral fellow and served as a visiting fellow at the Department of Economics, Harvard University, in 1987.
Dr Akhtar presented numerous research papers at international conferences, seminars and symposia. Her research interests focused on monetary and fiscal policy, banking and capital markets, international financial architecture, regulation and supervision, and industrial and corporate restructuring.
