Renowned economist and former State Bank of Pakistan governor Dr Shamshad Akhtar passed away in Karachi due to cardiac arrest. She was 71.

Her death marks a significant loss for Pakistan’s economic and financial community.

The first and only woman to lead Pakistan's central bank and a two-time caretaker finance minister was actively engaged in professional responsibilities until shortly before her passing. She was serving as chairperson of the Pakistan Stock Exchange as well as the Sui Southern Gas Company (SSGC) at the time of her death and had attended official duties at the stock exchange as recently as Friday.

She was governor of the State Bank of Pakistan from 2006 to 2009 and later led the finance ministry in caretaker governments ahead of the 2018 and 2024 general elections.

Finance Minister Muhammad Aurangzeb described Akhtar as a principled and dignified voice in Pakistan's economic history, praising her integrity, professionalism, and long public service.

"She served the country with honesty and dedication in some of the most senior economic roles," Aurangzeb said in a statement, offering condolences to her family, friends, and colleagues.

Widely regarded as one of Pakistan’s most internationally experienced economic policymakers, Akhtar also held senior positions, including as vice president at the World Bank and executive secretary of the UN ESCAP, and previously worked at the Asian Development Bank.

Born in Hyderabad, she was educated in Karachi and Islamabad and held degrees from the University of the Punjab, Quaid-i-Azam University, the University of Sussex and the UK’s Paisley College of Technology.

Funeral prayers

The funeral prayers of the late Dr Shamshad Akhtar will be offered on Sunday after Zuhr prayers, family sources confirmed.

Dr Shamshad Akhtar was widely regarded as a seasoned economist and technocrat who played a key role in shaping Pakistan’s monetary and financial policies during her tenure as State Bank governor.

President, PM, field marshal condole

President Asif Ali Zardari has expressed deep grief over the passing of Dr Shamshad Akhtar. He paid tribute to her outstanding services in the field of economics and financial management, acknowledging her valuable contributions to the country.

The president also prayed for the elevation of the deceased’s ranks and for patience and strength for the bereaved family.

Prime Minister Shehbaz Sharif also expressed deep grief and sorrow over her passing. He described Dr Shamshad Akhtar as a prominent economist of the country and a capable, honest, and principled personality. He said her services at the State Bank and other important national and international institutions brought honour and recognition to Pakistan.

PM Sharif added that Dr Akhtar’s contributions toward economic stability and the improvement of the financial sector would always be remembered.

He prayed that God grant the departed soul a high place in heaven and bestow patience and strength upon the bereaved family to bear this irreparable loss.

Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir also expressed deep grief over the passing of the former SBP governor.

In his condolence message, the field marshal extended heartfelt sympathies to the bereaved family and prayed that God grant patience to the grieving family and elevate the ranks of the deceased. He said Dr Shamshad Akhtar rendered invaluable services to Pakistan in the field of economics and would be remembered with respect.

Who was Dr Shamshad Akhtar?

The passing of the former State Bank of Pakistan governor marks the end of a bright and influential chapter in Pakistan’s economic history. A respected figure in Pakistan’s corporate and financial circles, she was widely admired as the woman who raised Pakistan’s profile in international financial institutions.

Dr Shamshad Akhtar was known for her courage, integrity, and sharp economic insight, particularly in key reforms such as strengthening the independence of the State Bank and aligning the Monetary Policy Board with international standards.

Career marked by global impact, reform

Dr Shamshad Akhtar’s services were acknowledged at all levels, both nationally and internationally. As caretaker finance minister, she was among the first to propose a climate change funding programme with the International Monetary Fund.

She remained chairperson of the Stock Exchange Board until her final days and also served as chairperson of Sui Southern Gas Company.

Originally from Hyderabad, Sindh, Dr Shamshad Akhtar had an exceptional academic background. She earned:

A Bachelor’s degree in Economics from the University of the Punjab
A Master’s degree from Quaid-e-Azam University
Advanced studies in Development Economics from the University of Sussex, UK
A PhD in Economics

Her professional journey began at the World Bank, where she served as a country economist. She later held senior positions at the Asian Development Bank, and in 2006, she was appointed governor of the State Bank of Pakistan, becoming the first woman to hold the post and the 14th governor overall.

During her tenure, she focused on financial discipline, banking reforms, and institutional stability of the central bank.

International recognition and lasting legacy

Dr Shamshad Akhtar also served as:

Executive Secretary of the UN Asia-Pacific Commission
Senior Adviser to the United Nations Secretary-General
Vice President at the World Bank

She received numerous national and international honours and was regarded as one of Asia’s most prominent women leaders. Pakistan awarded her the Nishan-e-Imtiaz in recognition of her outstanding contributions.