Dr Shamshad Akhtar, former governor of the State Bank of Pakistan and former acting finance minister, passed away on Saturday following cardiac arrest.
President Asif Ali Zardari expressed his deep sorrow and grief over the demise of Dr. Akhtar.
In a statement, the president paid tribute to her services in the field of economics and financial management, highlighting her contribution to strengthening economic governance in the country.
He prayed for the elevation of the ranks of the soul of the deceased and extended his deepest condolences to the bereaved family.
Dr Akhtar, who was the first woman governor of the SBP, was a highly successful economist with an extensive national and international career spanning several decades in global financial institutions.
She assumed office as SBP Governor on January 2, 2006, for a period of three years. She was the fourteenth governor of the central bank since its creation 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.
Prior to her appointment as SBP Governor, Dr Akhtar worked at the Asian Development Bank (ADB), where she served as 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 the East and Central Asia Department of the ADB.
Dr Akhtar began her career at ADB in 1990 and steadily rose through the ranks, becoming a manager in 1998 after serving as a senior and principal financial sector specialist. Between 1998 and 2001, she acted as ADB Coordinator for the APEC Finance Ministers’ Group and served on several internal committees, including the Reorganization Committee, the Appeals Committee and the Oversight Committee.
During his tenure at the ADB, he represented the institution at major global forums, including the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO). He developed deep regional expertise in the financial and economic affairs of Southeast Asia, the Central Asian Republics and the People’s Republic of China.
Before joining ADB, Dr. Akhtar worked for a decade as an economist at the World Bank Resident Mission in Pakistan. He also briefly served in the planning offices of the federal and Sindh governments. His 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.
His research and policy contributions included articles on Pakistan’s tax system, intergovernmental fiscal relations, incidence of poverty and its dimensions, and foreign direct investment. At the World Bank, he played a key role in analyzing 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. He worked extensively with the private sector, including Pakistan’s stock exchanges, and advised central banks on financial market reforms. His experience extended to legal, regulatory and institutional reforms of the banking sector, as well as the development of long-term financing mechanisms through bond markets.
Born in Hyderabad, Dr. Akhtar received her early education in Karachi and Islamabad. He maintained an outstanding academic record throughout his career. He earned a bachelor’s degree in Economics from Punjab University in 1974, followed by a master’s degree in Economics from Quaid-e-Azam University, Islamabad.
He earned a master’s degree in Development Economics from the University of Sussex in 1977 and completed his PhD in Economics at Paisley College of Technology in the United Kingdom in 1980.
She was a Fulbright postdoctoral fellow and worked as a visiting scholar in the Department of Economics at Harvard University in 1987.
Dr. Akhtar presented numerous research papers at international conferences, seminars and symposiums. His research interests focused on monetary and fiscal policy, banking and capital markets, international financial architecture, regulation and supervision, and industrial and corporate restructuring.
