Renowned economist and former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar, 71, passed away due to cardiac arrest on Saturday.

She was serving as chairperson of the Pakistan Stock Exchange at the time of her death, giving her a rare role spanning Pakistan’s monetary policy, fiscal management and capital markets.

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.

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 served as the director general of the Asian Development Bank’s (ADB) 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. She was also a post-doctoral fellowship Fulbright Scholar and was a visiting fellow at the Department of Economics, Harvard University in 1987.

‘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.

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.

Finance Minister Muhammad Aurangzeb described Akhtar as a principled and dignified voice in Pakistan’s economic history, praising her integrity, professionalism and long public service.

“She served the country with honesty and dedication in some of the most senior economic roles,” Aurangzeb said in a statement, offering condolences to her family, friends and colleagues.

Minister for Planning and Development Ahsan Iqbal also paid tributes to the former SBP governor. He said he was “deeply saddened” by her passing and offered his prayers and deepest condolences to her family.

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”.

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”.

Journalists Khurram Husain and Ali Khizar also offered prayers and condolences on Dr Akhtar’s passing.