Karachi, December 27, 2025 – Dr. Shamshad Akhtar, former Governor of the State Bank of Pakistan (SBP) and ex-caretaker Federal Minister for Finance, passed away on Saturday at the age of 70. Sources confirmed that her death was sudden and not linked to any prolonged illness, sending shockwaves across Pakistan’s economic, financial, and diplomatic circles.
The sad news was shared by Corporate Pakistan Group (CPG) Founder and former minister Muhammad Azfar Ahsan, who said he learned of Dr. Shamshad’s passing from her sister residing abroad. In an emotional message, Azfar paid tribute to her remarkable career and legacy, praying for her highest place in Jannah and patience for her family and loved ones.
According to family sources, Dr. Shamshad Akhtar’s funeral prayers will be offered after Asr on Sunday at Sultan Mosque in DHA, Karachi.
President Asif Ali Zardari expressed deep grief over her demise, paying rich tribute to her distinguished services in economics, financial management, and public policy. He prayed for the elevation of her ranks and strength for the bereaved family. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb also conveyed heartfelt condolences, describing Dr. Shamshad as a dignified, principled, and visionary economist whose contributions shaped Pakistan’s economic history.
Dr. Shamshad Akhtar was a globally respected economist and diplomat. She served as the first female Governor of the State Bank of Pakistan and represented the country as a Governor at the International Monetary Fund (IMF). Internationally, she held several senior positions at the United Nations, including Under-Secretary-General and Executive Secretary of ESCAP, and served as UN Leaders for the G20.
Her career also included senior roles at the World Bank and the Asian Development Bank (ADB). An accomplished academic and Fulbright Fellow at Harvard University, she held advanced degrees from leading institutions in Pakistan and the United Kingdom.
In June 2024, Dr. Shamshad was appointed Chairperson of the Pakistan Stock Exchange (PSX) Board of Directors. Her legacy of integrity, excellence, and public service will be remembered with deep respect in Pakistan and beyond.