Dr Shamshad Akhtar, former Interim Finance Minister of Pakistan, Chairperson of the Board of Directors of the Pakistan Stock Exchange (PSX), and the first woman to serve as Governor of the State Bank of Pakistan (SBP), has passed away, marking a significant loss for Pakistan’s financial and economic community.
According to reports, her funeral prayers will be offered in Karachi after Zuhr prayers on Sunday . Tributes have poured in from policymakers, bankers, economists, and business leaders across Pakistan and abroad, recognizing her pivotal role in shaping financial governance and economic policy.
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Dr Shamshad Akhtar’s Leadership as Interim Finance Minister of Pakistan
Dr Shamshad Akhtar served as Interim Federal Minister for Finance, steering Pakistan’s economy during a critical transitional period. Her appointment was widely seen as a move toward stability and credibility, given her extensive experience in monetary policy, international finance, and economic reform.
As Interim Finance Minister, she played a key role in managing fiscal challenges, engaging with international financial institutions, and ensuring continuity in economic policymaking during a politically sensitive phase.
Dr Shamshad Akhtar as Governor of the State Bank of Pakistan
Dr Shamshad Akhtar assumed office as the 14th Governor of the State Bank of Pakistan on January 2, 2006, becoming the first female Governor in the central bank’s history. Her tenure is remembered for strengthening institutional independence, improving banking regulation, and reinforcing monetary discipline.
Her leadership helped modernize Pakistan’s central banking framework and enhance confidence in the country’s financial system at both domestic and international levels.
Role as Chairperson of the Pakistan Stock Exchange
At the time of her passing, Dr Shamshad Akhtar was serving as the Chairperson of the Board of Directors of the Pakistan Stock Exchange (PSX). In this role, she contributed to strengthening market governance, transparency, and investor confidence in Pakistan’s capital markets.
Her presence at PSX symbolized continuity between global best practices and Pakistan’s evolving financial ecosystem, reinforcing regulatory oversight and long-term market development.
Distinguished Career at the Asian Development Bank
Prior to her national roles, Dr Shamshad Akhtar had a long and distinguished career at the Asian Development Bank (ADB). She served as Director General for Southeast Asia, a position she held from January 2004, having previously worked as Deputy Director General in the same department.
She also served as Director for Governance, Finance, and Trade Division for East and Central Asia, where she led financial sector reforms and development programs across multiple emerging economies.
Global Financial Governance and Policy Influence
Dr Shamshad Akhtar began her career at ADB in 1990 as a senior financial sector specialist and was promoted to Manager in 1998. From 1998 to 2001, she served as Coordinator for the APEC Finance Ministers’ Process, facilitating regional dialogue on economic cooperation and financial stability.
She represented Asian banking institutions at major global forums, including the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO), contributing to international regulatory coordination.
Expertise in Asian and Emerging Market Economies
Renowned for her deep understanding of Central Asian, Southeast Asian, and Chinese economic systems, Dr Shamshad Akhtar played a critical role in advancing development finance, governance reforms, and sustainable growth strategies across the region.
A Lasting Legacy in Pakistan’s Financial History
The passing of Dr Shamshad Akhtar is a profound loss for Pakistan. As Interim Finance Minister, SBP Governor, and Chairperson of the Pakistan Stock Exchange, she embodied professionalism, integrity, and global expertise. Her trailblazing career continues to inspire women leaders and policymakers across the financial world.
Her contributions will remain a cornerstone of Pakistan’s economic and institutional development.