Former finance minister and State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar passed away on Saturday`.
The 71-year-old had a storied career both nationally and at international financial institutions.
She was also the Chairperson of the Board of Directors for the Pakistan Stock Exchange and Sui Southern Gas Transmission and Distribution company. She had also been the finance minister in the caretaker set-ups prior to the 2018 and 2024 general elections.
Shamshad 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, Shamshad Akhtar was with the Asian Development Bank (ADB) as the director general for its 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.
Born in Hyderabad, Shamshad 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 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.
Prime Minister Shehbaz Sharif and Field Marshal General Asim Munir have expressed condolences over the demise of Dr Shamshad Akhtar. In their messages, PM Shehbaz Sharif and Field Marshal prayed for her high ranks in heaven and fortitude for the family to bear her sudden death. They also lauded her services for the country in various positions.
PM Shehbaz in his condolence message said he was deeply saddened to learn of the passing of Dr. Shamshad Akhtar. A renowned economist, former caretaker Minister for Finance, Governor of the State Bank of Pakistan, and a devoted public servant, she served the nation with distinction. She made outstanding contributions to strengthening Pakistan’s financial architecture. My heartfelt condolences and prayers are with her family. May Allah bless her soul with eternal peace.
