Former Finance Minister and Ex-SBP Governor Dr Shamshad Akhtar Passes Away at 70
Inna Lillahi Wa Inna Ilaihi Raji’un
We express deep grief and sorrow over the passing of Dr. Shamshad Akhtar, former Federal Minister for Finance and former Governor of the State Bank of Pakistan, who passed away at the age of 70. According to sources, her death was sudden, and she was not suffering from any prolonged illness.
Dr. Shamshad Akhtar was one of Pakistan’s most respected economists, policymakers, and diplomats. She made history as the first female Governor of the State Bank of Pakistan, where her leadership and reforms earned international recognition. During her tenure, she represented Pakistan at major global financial forums, including the International Monetary Fund (IMF), and received multiple international accolades, including Asia’s Best Central Bank Governor.
Her contributions extended far beyond Pakistan. Dr. Shamshad served as a United Nations Under-Secretary-General and as the Executive Secretary of UN ESCAP, coordinating five UN regional commissions. She also held senior leadership roles at the World Bank as Vice President for the Middle East and North Africa, leading responses during the Arab Spring, and spent over 15 years at the Asian Development Bank (ADB) in key advisory positions.
An accomplished academic, Dr. Shamshad Akhtar was a Fulbright Fellow at Harvard University and held a PhD and Master’s degree in Development Economics from the UK, along with an MSc in Economics from Quaid-e-Azam University, Islamabad. Her career reflected exceptional intellectual depth, integrity, and commitment to public service.
Her passing is a profound loss for Pakistan and the global economic and development community. Dr. Shamshad Akhtar will be remembered as a trailblazer, a role model for women, and a distinguished leader whose legacy will endure.
إِنَّا لِلّٰهِ وَإِنَّا إِلَيْهِ رَاجِعُونَ
May Allah Almighty grant her the highest place in Jannah and give patience and strength to her family, friends, and colleagues. Ameen.