Former federal finance minister and ex–State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar passed away after suffering cardiac arrest, according to official sources.

Dr Akhtar was a distinguished economist with a long career spanning Pakistan’s public sector and international financial institutions. Her death marks the loss of one of the country’s most respected voices in economic policy and financial governance.

She held several senior positions in Pakistan’s economic and financial landscape and was awarded the Nishan-i-Imtiaz in recognition of her outstanding public service.

At the time of her death, Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange (PSX) and Sui Southern Gas Company (SSGC).

In April 2024, she was appointed for a second three-year term as chairperson of the PSX board of directors.

Dr Akhtar served as the 14th governor of the State Bank of Pakistan from 2006 to 2009, becoming the first woman to hold the post.

In 2007, Euromoney named her Asia’s Best Central Bank Governor.

She also served as federal minister for finance and economic affairs during the caretaker governments of 2018 and 2023, overseeing key fiscal and economic decisions during politically sensitive transition periods.

Her international recognition included being named among Asia’s top 10 professional women by The Wall Street Journal in 2008.

Beyond her government roles, Dr Akhtar remained actively engaged in institutional development, serving as chairperson of the Pakistan Institute of Corporate Governance and as an adviser to the Pakistan Environment Trust Fund.

Colleagues and policymakers have described her as a principled technocrat whose contributions helped shape Pakistan’s monetary, fiscal and corporate governance frameworks.