Islamabad, December 27, 2025: Renowned economist and former governor of the State Bank of Pakistan (SBP), Dr Shamshad Akhtar, passed away on Saturday after suffering a cardiac arrest. She was 71.
Dr Akhtar was a distinguished figure in Pakistan’s economic and financial landscape and made history by becoming the first woman to serve as governor of the central bank. She assumed office as the 14th SBP governor on January 2, 2006.
In addition to her role at the SBP, Dr Akhtar also served as Pakistan’s finance minister in caretaker governments ahead of the 2018 and 2024 general elections, where she played a key role in managing economic affairs during politically sensitive transitions.
Her career spanned several prestigious international institutions. She served as vice president of the World Bank for the Middle East and North Africa region and later as executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
Prior to her appointment as SBP governor, Dr Akhtar was associated with the Asian Development Bank (ADB), where she served as director general of its Southeast Asia Department from January 2004. She also held the position of director for the Governance, Finance and Trade Division in ADB’s East and Central Asia Department.
President Asif Ali Zardari expressed deep grief over her passing and paid tribute to her outstanding services in the field of economics and financial management, acknowledging her significant contribution to strengthening economic governance in Pakistan.
Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She earned a Bachelor’s degree in Economics from the University of Punjab in 1974, followed by a Master’s degree in Economics from Quaid-i-Azam University, Islamabad. She later completed an M.A. in Development Economics from the University of Sussex in 1977 and obtained a PhD in Economics from the United Kingdom’s Paisley College of Technology in 1980.
Dr Shamshad Akhtar is remembered for her professionalism, integrity, and pioneering role in shaping Pakistan’s economic institutions and representing the country on major global financial platforms.
