Pakistan's first female central bank head Dr Shamshad Akhtar passes away

Dr. Shamshad Akhtar, a prominent economist and former governor of the State Bank of Pakistan (SBP), has died at the age of 71 following a cardiac arrest, officials confirmed on Saturday.

Her death marks the loss of one of Pakistan’s most influential figures in both domestic and international financial policy.

President Asif Ali Zardari expressed deep sorrow over her passing, highlighting her pivotal role in strengthening economic governance in Pakistan. In a statement, he paid tribute to her decades of service in public finance and economic management, offering condolences to her family and praying for the elevation of her soul.

Dr. Akhtar made history when she became the first woman to serve as governor of the SBP on January 2, 2006. She later held key positions in caretaker governments as finance minister before the 2018 and 2024 general elections, providing critical oversight during transitional periods.

Her influence extended far beyond Pakistan. Akhtar served as vice president of the World Bank for the Middle East and North Africa and as executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Before her tenure at SBP, she was director general of the Southeast Asia Department at the Asian Development Bank (ADB) and led its Governance, Finance and Trade Division for East and Central Asia.

Born in Hyderabad, she completed her early education in Karachi and Islamabad. She earned a Bachelor’s degree in Economics from the University of Punjab in 1974, a Master’s in Economics from Quaid-i-Azam University, an M.A. in Development Economics from the University of Sussex in 1977 and a PhD in Economics from Paisley College of Technology in the United Kingdom in 1980.

Throughout her career, Dr. Akhtar contributed extensively to global economic discourse, presenting research on monetary and fiscal policy, banking and capital markets, international financial frameworks, and corporate restructuring at numerous international conferences and seminars. Her work earned her recognition as a leading voice in economic policy both in Pakistan and abroad.