Former SBP governor Dr Shamshad Akhtar passes away
Burial of ex-finance minister to take place after Asr prayers tomorrow
Dr Shamshad Akhtar, former caretaker minister for finance and State Bank of Pakistan governor, has passed away at the age of 70.
Sources confirmed the death of Dr Shamshad, saying that it was a sudden death as she was not suffering from any serious illness.
Corporate Pakistan Group (CPG) Founder and former minister Muhammad Azfar Ahsan shared with Business Recorder that he came to know of Dr Shamshad’s death from the former SBP governor’s sister, who resides abroad.
“With deep sorrow, we share the sad news that our very own CPGian Dr. Shamshad Akhtar (Pakistan’s former Minister for Finance & Governor, State Bank of Pakistan) has passed away. Inna Lillahey Wa Inna Illaihey Rajeyoon.
“May Allah (SWT) grant her the highest place in Jannah and give strength and patience to her family, friends, and colleagues. Aameen,” Azfar wrote in a post.
Burial of the deceased will take place after Asr prayers on Sunday at Sultan Mosque in DHA, Karachi.
In a statement, President Asif Ali Zardari expressed deep grief over passing of the former central bank governor.
President Zardari paid rich tribute to Dr Shamshad for her distinguished services in the fields of economics and financial management. He further prayed for the elevation of the departed soul’s ranks and for the bereaved family to bear this loss with fortitude.
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Dr Shamshad Akhtar’s brief introduction
Dr Shamshad was a distinguished diplomat and economist who also served as a United Nations Under-Secretary-General and the tenth Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
Dr Shamshad held several high-level positions at the UN, including Special Senior Advisor on Economics and Finance to the Secretary-General and Assistant Secretary-General for Economic Development. A key figure in global policy, she led the UN-wide coordination for the post-2015 development agenda and served as the UN Sherpa for the G20.
Her leadership in the banking sector is equally notable. She served as the first female governor of the SBP, she also chaired the central bank board and represented the country as a governor of the IMF. Her tenure earned her consecutive “Asia’s Best Central Bank Governor” awards from Emerging Markets and The Banker, and she was recognised by The Wall Street Journal Asia as one of the region’s top ten professional women.
Dr Shamshad appointed chairperson of PSX board
Dr Shamshad’s international experience includes serving as Vice President for the Middle East and North Africa at the World Bank, where she led the response to the Arab Spring. She also spent 15 years at the Asian Development Bank (ADB), serving as Special Senior Advisor to the President.
An accomplished academic, she was a Fulbright Fellow at Harvard University and held a PhD and a Master’s in Development Economics from the UK, following an MSc in Economics from Quaid-e-Azam University, Islamabad.
She was appointed as chairperson of the Pakistan Stock Exchange (PSX) Board of Directors in June 2024.
She has conducted analytical work on Pakistan economy on different subjects as Chair of the Pakistan Reform Insurance Committee, Capital Markets reforms and the Special Economic Zones etc.
