Ex-SBP governor Shamshad Akhtar passes away

RNN TV ( Web Desk) — Dr Shamshad Akhtar, former governor of the State Bank of Pakistan (SBP) and ex-caretaker finance minister, passed away on Saturday after suffering a cardiac arrest.

President Asif Ali Zardari expressed deep sorrow and grief over her demise. In a statement, he paid tribute to Dr Akhtar’s distinguished services in the field of economics and financial management, acknowledging her role in strengthening economic governance in the country. The president prayed for the elevation of her soul and extended condolences to the bereaved family.

Dr Akhtar was a highly accomplished economist with an extensive national and international career spanning several decades. She made history as the first woman to serve as governor of the SBP, assuming office on January 2, 2006, for a three-year term. She was the 14th governor of the central bank since its establishment in July 1948.

Before joining the SBP, Dr Akhtar served at the Asian Development Bank (ADB), where she was Director General of the Southeast Asia Department from January 2004. Earlier, she held the positions of Deputy Director General of the same department and Director of the Governance, Finance and Trade Division in ADB’s East and Central Asia Department.

She began her career at the ADB in 1990 and steadily rose through the ranks, becoming a manager in 1998 after serving as a senior and principal financial sector specialist. Between 1998 and 2001, she also acted as the ADB’s coordinator for the APEC Finance Ministers Group and served on several internal committees, including the Reorganisation, Appeals and Oversight committees.

During her tenure at the ADB, Dr Akhtar represented the institution at major global forums such as the Bank for International Settlements and the International Organisation of Securities Commissions. She developed extensive regional expertise in the financial and economic affairs of Southeast Asia, Central Asia and China.

Prior to joining the ADB, Dr Akhtar worked for a decade as an economist at the World Bank’s resident mission in Pakistan and also served briefly in the planning offices of the federal and Sindh governments. Her work spanned macroeconomic analysis, monetary and fiscal policy, finance and structural reforms in sectors including industry and agriculture.

She contributed significantly to research and policy work on Pakistan’s taxation system, intergovernmental fiscal relations, poverty, and foreign direct investment. At the World Bank, she played an important role in analysing monetary policy, the banking sector and financial market development.

Dr Akhtar was closely involved in reforms of Pakistan’s financial regulatory institutions, including the restructuring of the Securities and Exchange Commission and the Insurance Commission. She also worked extensively with the private sector and advised central banks on financial market reforms, with expertise in banking regulation, legal frameworks and bond market development.

Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She earned a BA in Economics from the University of Punjab in 1974, followed by an MSc from Quaid-i-Azam University. She later obtained an MA in Development Economics from the University of Sussex and completed her PhD in Economics from the UK’s Paisley College of Technology in 1980.

She was also a Fulbright post-doctoral fellow and served as a visiting fellow at Harvard University’s Department of Economics in 1987. Over the course of her career, Dr Akhtar presented numerous research papers at international conferences and seminars, with research interests spanning monetary and fiscal policy, banking and capital markets, financial regulation and industrial restructuring.