President, PM, and army chief pay tribute to her contributions to Pakistan’s financial and economic landscape

Pakistan’s economic and financial community is mourning the passing of Dr Shamshad Akhtar, a pioneering economist and former governor of the State Bank of Pakistan (SBP), who died in Karachi due to cardiac arrest at the age of 71. Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange and Sui Southern Gas Company (SSGC) until shortly before her passing.

Renowned for her integrity, professionalism, and deep economic insight, she played a pivotal role in shaping Pakistan’s financial policies and bringing international recognition to the country’s institutions.

Career and Achievements

Dr Shamshad Akhtar’s career was marked by historic firsts and global impact:

• Governor of SBP (2006–2009) – First woman to hold the post, overseeing monetary stability and banking reforms.
• Caretaker Finance Minister – Led economic policies during the 2018 and 2024 general elections.
• International Roles – Vice President at the World Bank, Executive Secretary of UN ESCAP, Senior Adviser to the UN Secretary-General, and senior positions at the Asian Development Bank.
• Academic Excellence – Degrees from University of the Punjab, Quaid-i-Azam University, University of Sussex (UK), and a PhD in Economics.

She was widely acknowledged for strengthening the independence of the State Bank, aligning Pakistan’s monetary policies with international standards, and proposing innovative programs such as climate change funding in collaboration with the IMF.

Tributes from National Leadership

President Asif Ali Zardari, Prime Minister Shehbaz Sharif, and Chief of Army Staff Field Marshal Syed Asim Munir expressed deep grief over her passing, praising her lifelong dedication, professionalism, and invaluable contributions to Pakistan’s economy.

PM Sharif highlighted her role in stabilising the financial sector, while the army chief acknowledged her services and prayed for patience and strength for the bereaved family.

Critical Analysis: A Legacy of Integrity and Reform

Dr Shamshad Akhtar’s career exemplified the impact of principled leadership in economic governance. She broke gender barriers in Pakistan’s financial sector, enhanced institutional credibility, and bridged national and international economic strategies. Her contributions set a benchmark for technocratic excellence and demonstrate how effective policy leadership can elevate a country’s global financial standing.

Funeral and Final Rites

Funeral prayers for Dr Shamshad Akhtar will be offered after Zuhr prayers on Sunday, with family and colleagues expected to pay their last respects.

Her passing leaves a void in Pakistan’s economic, corporate, and policy-making circles, but her reforms and legacy will continue to inspire future generations.