Dr Shamshad Akhtar, former caretaker finance minister and ex-governor of the State Bank of Pakistan, has passed away at the age of 70. Sources confirmed her death was sudden, as she was not suffering from any serious illness. Corporate Pakistan Group founder Muhammad Azfar Ahsan shared the news, offering prayers for her departed soul and condolences to her family. Her funeral will be held after Asr prayers on Sunday at Sultan Mosque, DHA, Karachi.
President Asif Ali Zardari expressed deep grief over Dr Shamshad’s passing, paying tribute to her distinguished contributions in economics and financial management, and praying for her soul’s elevation. Federal Finance Minister Senator Muhammad Aurangzeb also mourned her demise, describing her as a principled, visionary, and world-class economist whose services to Pakistan will be remembered with respect.
Dr Shamshad had an illustrious career in national and international finance. She served as UN Under-Secretary-General, Executive Secretary of ESCAP, G20 Sherpa, and held senior roles at the World Bank and Asian Development Bank. She was the first female governor of the SBP, receiving accolades as Asia’s Best Central Bank Governor, and later chaired the PSX Board of Directors.
An accomplished academic, Dr Shamshad held a PhD and Master’s in Development Economics from the UK and an MSc in Economics from Quaid-e-Azam University. Her legacy in banking, economic reforms, and policy leadership remains deeply respected.
