Politicians and colleagues paid homage to Dr Shamshad Akhtar on Saturday as a trailblazer, noting that she was the first woman to serve as governor of the State Bank of Pakistan (SBP) and achieved many other notable accomplishments.
She passed away today due to cardiac arrest. At the time of her passing, Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange (PSE), a rare position reflecting a career that spanned Pakistan’s monetary policy, fiscal management, and capital markets.
Dr Akhtar, known for her leadership roles in both national and international financial institutions, took over as the 14th governor of the SBP on January 2, 2006, becoming the first woman to hold the position.
She had also been the finance minister in the caretaker setups before the 2018 and 2024 general elections.
Dr Akhtar served as the vice president of the World Bank for the Middle East and North Africa and the executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
‘Served the country with honesty and dedication’
President Asif Ali Zardari expressed grief over her passing and paid tribute to her services in the field of economics and financial management, noting her contributions to strengthening economic governance in the country.
‘Devoted public servant’
Prime Minister Shehbaz Sharif paid tribute to the late former central bank governor and said she was a “devoted public servant” and served the nation with distinction.
“She made outstanding contributions to strengthening Pakistan’s financial architecture,” said the premier and offered his “heartfelt condolences and prayers” to the family.
He said that she brought pride to the country by serving in different national and international institutions, adding that her services would always be remembered for stabilising the country’s economy and improving the financial sector.
Deputy PM and Foreign Minister Ishaq Dar also said he was deeply saddened by the news.
‘Invaluable services to Pakistan’
Chief of the Army Staff and Chief of Defence Forces Field Marshal Asim Munir said she rendered invaluable services to Pakistan in the field of economics.
‘Pivotal role in effective policies’
National Assembly Speaker Ayaz Sadiq described her as a highly competent and distinguished professional who rendered remarkable contributions towards strengthening and stabilising the economy.
He added that during her tenure, including her leadership of the SBP and other key national assignments, she played a pivotal role in formulating effective economic policies in close coordination with the government.
“Her professional expertise, economic insight and visionary approach to macroeconomic management will always be remembered.”
‘Dignified, principled and prudent’
Her successor, Finance Minister Muhammad Aurangzeb, hailed her as a “dignified, principled and prudent voice” in Pakistan’s economic history.
Aurangzeb said she was a “highly accomplished economist and an outstanding human being”, whom he held in great esteem both personally and professionally.
The finance minister said Dr Akhtar rendered valuable services to the country by serving with the utmost integrity and dedication in various key positions related to the management of the national economy.
“The national services of Dr Shamshad Akhtar would always be remembered with respect.”
Adviser to the Finance Minister Khurram Schehzad remembered her as a “distinguished economist, a mentor, an institution in herself and a statesperson” who served Pakistan and the global development community with “rare integrity and excellence, across national and international institutions, bringing credibility, competence, and principled leadership to every role she held”.
He added that she served with distinction at major global institutions and brought that global credibility back to Pakistan through landmark public service with her stints as the first female SBP governor, the first woman to lead the finance ministry twice in a caretaker capacity and the first female PSE chairperson.
“Her wisdom and grace will be missed,” said Dr Khaqan Hassan Najeeb, former adviser to the finance ministry.
‘Dedication and dignity’
Planning Minister Ahsan Iqbal said she served Pakistan with dedication and dignity, adding that her international contributions earned global respect.
“She rendered invaluable services in strengthening Pakistan’s financial system, institutional reforms and economic stability, which will always be remembered,” said Parliamentary Affairs Minister Tariq Fazal Chaudhry.
Communications Minister Aleem Khan lauded her as an effective representative of the country in international financial institutions, adding that her long service at the Asian Development Bank and her prominent role during the global financial crisis stood out.
‘Lasting legacy’
Minister of State for Law and Justice Barrister Aqeel Malik said Pakistan had lost a respected economist and stateswoman.
“Her dedication, integrity and contributions to national economic policy leave a lasting legacy.”
Salman Sufi, former assistant to the prime minister, said her death was a big loss for the country, adding that she was a “visionary and thoroughly professional public servant”.
‘Clarity of thought and intellectual rigour’
Her former colleagues in the recent caretaker set-up were also full of praise for her, with former caretaker PM Anwaarul Haq Kakar saying he was privileged to witness her “clarity of thought and intellectual rigour”.
Former caretaker information technology minister Umar Saif said he was “devastated” to hear of the death of his “favourite minister” while sharing a personal anecdote.
“She was an exceptional professional whose wisdom, integrity, and lifelong service left a lasting impact on institutions and individuals alike. Her contributions will be remembered with great respect and gratitude,” said ex-caretaker FM Jalil Abbas Jilani.
“Adi, as I would call her, was a brilliant economist with a kind and compassionate persona,” said former caretaker information minister Murtaza Solangi while remembering her.
Former caretaker interior minister Gohar Ejaz penned a lengthy note that extolled her passing as a “profound loss for Pakistan and the global economic community”.
He added: “A distinguished economist, former governor of the SBP and former caretaker finance minister, she dedicated her life to strengthening economic governance and financial institutions. As the first woman to serve as SBP governor, she broke barriers and set new standards of professionalism, integrity, and competence.”
‘Outstanding professional’
Pakistan‘s former ambassador to the UN, Maleeha Lodhi, said she was “devastated” by the former SBP governor’s passing.
She said Akhtar’s services to the country would always be remembered and she was an “outstanding professional and a wonderful, caring human being”.
Former senator Mushahid Hussain Sayed paid tribute to her as an “eminent economist and top-notch professional” who served Pakistan with distinction in various important capacities at home and abroad.
“For her, service to Pakistan was paramount, not driven by any personal ambition.”
“We lost one of the brilliant minds of Pakistan,” said journalist Asma Shirazi.
‘Trailblazer who shaped Pakistan’s economic and financial landscape’
The PSX paid homage to her as a “trailblazer who shaped Pakistan’s economic and financial landscape through decades of national and international service”.
It added that her leadership, integrity and enduring contributions would be remembered with deep respect.
The Securities and Exchange Commission of Pakistan similarly said her exemplary leadership and lasting contributions to Pakistan’s economic governance and global financial institutions would be remembered with deep respect.
The United Nations ESCAP, of which Akhtar was the former executive secretary, said the economist “steadfastly worked to strengthen regional economic cooperation and integration, supporting inclusive and sustainable development across Asia and the Pacific”.
“A true great of Pakistan, striving to make Pakistan and the world better. Her work as Caretaker Minister was critical to deliver a key economic deal to stabilise Pakistan,” said United Kingdom High Commissioner Jane Marriott.
UN Women Country Representative in Pakistan Jamshed Kazi praised her as a “global icon in the field of development finance and multilateralism”.
Fahmida Iqbal Khan, deputy UN Women country representative in Pakistan, similarly lauded Dr Akhtar as a “trailblazer in economic leadership” whose services opened doors for women in public finance and governance.
Header image: A file photo of Dr Shamshad Akhtar. — Jamshed M Kazi X
