Renowned economist and former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar passed away aged 71 in Karachi on Saturday.
Akhtar, known for her leadership roles in both national and international financial institutions, took over as the 14th governor of SBP on Jan 2, 2006, becoming the first woman to hold the position.
She had also been the finance minister in the caretaker set-ups prior to the 2018 and 2024 general elections.
Akhtar also 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).
Prior to her appointment as SBP governor, Akhtar was with the Asian Development Bank (ADB) as the director general for its Southeast Asia Department since January 2004. She also held the position of the Governance, Finance and Trade Division director for ADB’s East and Central Asia Department.
Born in Hyderabad, Akhtar received her early education in Karachi and Islamabad. She graduated from the University of Punjab with a Bachelor’s degree in Economics in 1974.
She then acquired a Master‘s degree in Economics from the Quaid-i-Azam University in Islamabad, an M.A. in Development Economics from the University of Sussex in 1977 and a PhD in Economics from the United Kingdom’s Paisley College of Technology in 1980.
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