Dr Bilawal Kamran
Pakistan has lost one of its most distinguished, principled, and globally respected economic minds with the passing of Dr Shamshad Akhtar. For policymakers, business leaders, and observers of Pakistan’s economy, her death is not merely the loss of a talented economist; it is the loss of a rare leader who combined rigorous intellect with the courage and ability to implement meaningful, lasting change. Her contributions went beyond analysis—they reshaped institutions and built frameworks that strengthened Pakistan’s economic governance for generations.
I had the privilege of meeting Dr Akhtar on multiple occasions over the years. What struck me immediately was her practical approach to economics. She was never an economist of abstractions or slogans. Her analysis was always grounded in data, institutions, incentives, and the realities of execution. She understood that economies do not improve simply because leaders intend them to; they improve when governance, discipline, and credible frameworks are upheld consistently, even through political transitions and leadership changes.
This philosophy defined her entire public life. During her tenure as Governor of the State Bank of Pakistan, she fundamentally shifted the way monetary authority and financial regulation were perceived in the country. At a time when central banking often succumbed to short-term pressures and political expediencies, Dr Akhtar championed institutional independence, prudential oversight, and systemic stability. She recognized that credibility, once lost, takes years to rebuild, and that the costs of instability are borne not by policymakers but by ordinary citizens and businesses striving to thrive in uncertain conditions.
Her leadership was distinguished by her insistence on implementation. In her view, policy announcements alone were insufficient; they required robust systems, supervisory capacity, and enforcement mechanisms. Whether in banking regulation, financial inclusion, or market discipline, she focused on building structures that could endure beyond political cycles. Pakistan has historically struggled to embed such institution-centric, rules-based approaches, and Dr Akhtar’s work consistently advanced this principle.
Later, as Chairperson of the Pakistan Stock Exchange, she applied the same philosophy to capital markets. She understood that market growth depends on trust—trust in disclosure, in regulation, and in governance. Under her guidance, the PSX was seen not merely as a venue for trading but as a national institution critical to mobilizing savings, supporting corporate growth, and signaling investor confidence, both domestically and internationally. She emphasized that emerging markets can only attract long-term investment if transparency and best practices are treated as non-negotiable essentials, not optional features.
Dr Akhtar’s perspective was shaped by her extensive global experience. She had worked in multiple emerging economies, observing firsthand the policies and governance models that succeeded or failed under conditions of volatility, reform, and development. This global exposure never detached her from Pakistan’s realities; instead, it sharpened her judgment and reinforced her conviction that sound governance and disciplined execution are the ultimate determinants of economic outcomes.
Her service extended to some of Pakistan’s most sensitive periods, including her role as caretaker Finance Minister. Transition periods are often underestimated in their importance. Markets do not pause for elections, and economic risks cannot wait for political clarity. In these moments, stability itself is a public good. Dr Akhtar approached these responsibilities with restraint, professionalism, and a long-term view, prioritizing continuity and confidence over immediate headlines.
At forums such as the Overseas Investors Chamber of Commerce and Industry (OICCI), she repeatedly stressed the importance of policy consistency and institutional memory. She believed economic management must rise above personalities and political cycles, emphasizing that countries prosper when rules and institutions, not individuals, define governance. Her perspective resonated deeply with investors who seek predictability, transparency, and credible stewardship in Pakistan’s economic management.
Dr Akhtar’s integrity and impartiality set her apart in a country where economic debates are often polarized and politicized. She earned respect across ideological divides because her loyalty was never to factions, narratives, or fleeting interests. Her loyalty was to institutions, outcomes, and above all, to Pakistan. Every decision she made reflected a deep sense of national responsibility and a belief that strong institutions are the country’s most durable asset.
Her death is a profound loss for Pakistan, but her legacy offers a powerful template for leadership. She demonstrated that real change is not achieved through noise or slogans, but through effective systems; not through short-term fixes, but through durable frameworks; and not for personal acclaim, but for service to the nation.
Dr Shamshad Akhtar’s life reminds Pakistan of the importance of competence, credibility, and continuity in leadership. She embodied the principle that economic development is a function of governance, not just intent, and that institutions must be designed to endure beyond the tenure of any individual. Her work in central banking, capital markets, and public finance has left a lasting imprint on the country’s economic architecture.
In remembering Dr Akhtar, Pakistan has an opportunity to reflect on the standards she set. Her example urges policymakers, civil servants, and business leaders to prioritize institution-building, transparency, and disciplined execution over short-term expediencies. In a country often challenged by volatility and uncertainty, her principles remain a guiding light for sustainable economic growth.
Dr Akhtar’s passing is a moment of collective mourning, but it is also a moment to reaffirm commitment to the values she championed: professionalism, integrity, and a steadfast focus on national interest. Pakistan’s policymakers and institutions must honor her memory by embracing the long-term, institution-centric vision she exemplified throughout her career.
May Dr Shamshad Akhtar rest in peace, and may her life continue to inspire a generation of leaders dedicated to principled, effective, and enduring economic governance. Her legacy is not just a memory—it is a blueprint for Pakistan’s economic future.
