Former SBP governor Shamshad Akhtar dies at 71

Shamshad Akhtar, the primary and solely lady to function governor of the State Financial institution of Pakistan and a two-time caretaker finance minister, handed away on the age of 71, the Ministry of Finance mentioned on Saturday.

On the time of her dying, Akhtar was serving as chairperson of the Pakistan Inventory Alternate, marking a uncommon distinction of getting led the nation’s central financial institution, overseen fiscal administration, and headed a key capital markets establishment.

She served as 14th governor of the State Financial institution of Pakistan from 2006 to 2009 and later assumed the function of caretaker finance minister throughout the interim governments fashioned forward of the 2018 and 2024 common elections.

Born in Hyderabad, Akhtar acquired her early training in Karachi and Islamabad and was recognized for her robust tutorial background. She graduated with a BA in Economics from the College of Punjab in 1974 and later earned an MSc in Economics from Quaid-e-Azam College, Islamabad. She went on to acquire an MA in Growth Economics from the College of Sussex in 1977 and a PhD in Economics from the UK’s Paisley Faculty of Expertise in 1980.

Akhtar was additionally a Fulbright postdoctoral fellow and served as a visiting fellow at Harvard College’s Division of Economics in 1987.

President Asif Ali Zardari expressed profound grief over the passing of former State Financial institution of Pakistan governor Shamshad Akhtar, paying tribute to her lifelong dedication to public service and her function in strengthening financial governance and monetary administration within the nation.

In a put up shared on X by Presidential Spokesperson Murtaza Solangi, the president mentioned he was deeply saddened by Akhtar’s dying and acknowledged her contributions to the sector of economics and public finance. He prayed for the elevation of the departed soul’s ranks and prolonged heartfelt condolences to the bereaved household.

Pakistan Inventory Alternate additionally mourned the lack of its late Chairperson. “The Board and Administration of Pakistan Inventory Alternate specific deep sorrow on the passing of Dr Shamshad Akhtar, Chairperson PSX. Dr Akhtar was a distinguished chief whose legacy and repair will at all times be remembered, PSX wrote.

An financial stalwart

Pakistan’s financial and monetary group is mourning the lack of Dr Shamshad Akhtar, who was extensively thought to be one of many nation’s most influential financial managers. Dr Akhtar performed an lively, hands-on function throughout Pakistan’s most tough monetary durations, contributing to coverage responses to balance-of-payments pressures and collaborating in important negotiations with the Worldwide Financial Fund (IMF) to assist stabilise the financial system.

She broke new floor in 2006 when she turned the primary lady to move the State Financial institution of Pakistan, serving as its governor at a time when banking sector reforms and financial tightening had been central to financial administration. Her tenure is remembered for strengthening monetary regulation and enhancing the independence and credibility of the central financial institution.

Dr Akhtar later returned to public service as finance minister in caretaker governments fashioned in 2023, the place she was entrusted with managing fragile financial circumstances, participating with worldwide lenders, and making certain continuity in fiscal and financial coverage throughout political transitions.

Past Pakistan, she constructed an distinctive world profession, holding senior positions at main worldwide establishments. These included serving as Vice President of the World Financial institution for the Center East and North Africa, Government Secretary of the UN’s ESCAP, and senior management roles on the Asian Growth Financial institution, the place she oversaw growth, governance, and monetary programmes throughout Asia.

Along with her public sector roles, Dr Akhtar additionally served in management positions inside Pakistan’s capital markets, together with her affiliation with the Pakistan Inventory Alternate (PSX), the place she was Chairperson PSX Board and contributed to enhancing company governance, market transparency, and investor confidence.

Whereas speaking to the Categorical Tribune, former finance minister Miftah Ismail expressed deep sorrow over the demise of Dr Akhtar. “It’s deeply saddening to listen to about Dr Shamshad Akhtar’s passing. She was a fantastic Pakistani who made her title each nationally and internationally. Might she relaxation in peace. Ameen,” he mentioned.

“Dr Shamshad Akhtar was greater than an completed economist. She was a trailblazer who opened doorways for girls within the monetary business. Her management, integrity, and resilience made her a job mannequin for generations aspiring to serve in financial and public coverage roles.,” commented Arif Habib Restricted Head of Analysis Sana Tawfik.

I at all times admired her. As a lady in a historically male-dominated monetary world, Dr Akhtar proved that competence and braveness can redefine management. She impressed numerous younger girls to consider that they, too, belong on the highest decision-making tables, Tawfik added.

PSX CEO Farrukh H. Sabzwari additionally expressed sorrow and paid wealthy tribute to Dr Shamshad Akhtar. When contacted, he mentioned, “It’s with profound sorrow that we mourn the passing of Dr Shamshad Akhtar, Chairperson of the Pakistan Inventory Alternate. Her visionary management, dedication, and unwavering dedication to strengthening Pakistan’s monetary panorama have left an indelible mark on our establishment and the nation.”

“This can be a nice loss not just for PSX however for Pakistan as an entire. We prolong our deepest condolences to her household and family members, and we honor her legacy with gratitude and respect,” he added.

Dr Akhtar’s legacy extends far past the workplaces she held. Her passing marks the tip of an period for Pakistan’s financial management, with colleagues and policymakers remembering her as a gradual hand throughout crises and a revered voice on the worldwide monetary stage.