Former State Bank Governor Shamshad Akhtar passes away

Karachi/Islamabad: Former Governor of the State Bank of Pakistan and internationally renowned economist Dr. Shamshad Akhtar passed away after suffering cardiac arrest, according to official sources. Her funeral prayers will be offered on Saturday in Karachi.
Dr. Akhtar was widely regarded as one of Pakistan’s most respected economic policymakers and a prominent figure in global financial institutions. Known for her integrity, courage, and visionary approach to economic decision-making, she played a pivotal role in strengthening Pakistan’s financial governance.
Appointed Governor of the State Bank of Pakistan in 2006, Dr. Shamshad Akhtar became the first woman and the 14th governor to hold the position. During her tenure, she focused on enhancing the autonomy of the central bank, aligning the Monetary Policy Board with international standards, implementing banking sector reforms, and reinforcing institutional stability.
She later served as caretaker federal minister for finance, where she was credited with first proposing the idea of securing IMF funding linked to climate change adaptation, a concept that later gained international traction.
Until her passing, Dr. Akhtar was serving as Chairperson of the Pakistan Stock Exchange Board, and had also chaired the board of Sui Southern Gas Company. Her international career included senior positions at the Asian Development Bank, World Bank, and the United Nations, where she served as Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and as a senior adviser to the UN Secretary-General.
In recognition of her services, Dr. Shamshad Akhtar received numerous national and international awards, including Pakistan’s Nishan-e-Imtiaz, and was widely recognized as one of Asia’s leading women economic leaders.
Her passing marks the loss of a fearless, competent, and visionary economic leader, whose contributions to Pakistan’s financial system and global economic policy will be remembered for generations.