Karachi : Dr. Shamshad Akhtar, the first female governor of the State Bank of Pakistan (SBP), passed away on Saturday due to cardiac arrest. Her untimely death has deeply saddened the nation, with numerous condolences pouring in from across the country. President Asif Ali Zardari expressed his sorrow, acknowledging the significant contribution Dr. Akhtar made to Pakistan’s economic and financial landscape.
Dr. Akhtar made history when she became the first woman to hold the position of Governor of the SBP on January 2, 2006, serving a three-year term. She was the 14th individual to assume the role since the central bank’s inception in 1948, and she brought with her a wealth of experience in economic policy, financial sector reform, and international development.
Before her tenure at the SBP, Dr. Akhtar had a remarkable career with the Asian Development Bank (ADB), where she held senior roles, including Director General of the Southeast Asia Department from January 2004. Her tenure at the ADB saw her rise through the ranks, starting in 1990 as a senior financial sector specialist, later becoming the manager in 1998. She played a vital role in coordinating the APEC Finance Ministers Group from 1998 to 2001 and was involved in several committees that shaped the internal workings of the bank.
Dr. Akhtar’s career at the ADB provided her extensive exposure to global financial forums, such as the Bank for International Settlements and the International Organisation of Securities Commissions (IOSCO). Her expertise in Southeast Asia, Central Asia, and China was widely recognized, and she contributed to several high-level economic reforms and policies.
Earlier in her career, Dr. Akhtar worked as an economist at the World Bank’s Resident Mission in Pakistan for 10 years, as well as briefly serving in the planning offices of both the federal government and the Sindh provincial government. Her work covered key areas such as macroeconomic analysis, monetary and fiscal policy, finance, and structural reforms in essential sectors, including industry and agriculture.
Dr. Akhtar’s research was instrumental in shaping economic policy in Pakistan. She authored pivotal studies on taxation, intergovernmental fiscal relations, poverty, foreign investment, and the evolution of Pakistan’s banking sector. Her contributions also extended to the reform of Pakistan’s financial regulatory institutions, including the Securities and Exchange Commission and the Insurance Commission.
Dr. Akhtar’s educational background was equally impressive. Born in Hyderabad, she completed her early education in Karachi and Islamabad. She earned a BA in Economics from the University of Punjab in 1974, an MSc in Economics from Quaid-e-Azam University in Islamabad, and a PhD in Economics from Paisley College of Technology in the UK in 1980. Dr. Akhtar also earned the prestigious Fulbright post-doctoral fellowship and was a visiting fellow at Harvard University’s Department of Economics in 1987.
Throughout her career, Dr. Akhtar presented her research at numerous international conferences, with her work focusing on monetary and fiscal policy, banking and capital markets, international financial architecture, regulation and supervision, and industrial and corporate restructuring. Her contributions left a profound impact not only on Pakistan’s financial system but also on the global economic community.
Her untimely passing is a huge loss for the nation and the global financial community. Dr. Akhtar’s legacy of knowledge and reform will continue to inspire future generations.
