KARACHI: The State Bank of Pakistan (SBP) on Monday expressed deep sorrow over the passing of former governor Dr Shamshad Akhtar, paying tribute to her distinguished career in public service and international development.
In a statement, the Board of Management and staff of the central bank said they were profoundly grieved by the death of Dr Akhtar, who made history as the first woman to serve as Governor of the State Bank of Pakistan. The statement noted that her tenure was marked by strong leadership, professional integrity and a firm commitment to institutional reform and economic stability.
The SBP described Dr Akhtar as a visionary economist whose contributions extended well beyond Pakistan. During her career, she held several senior leadership positions at major international financial and development institutions, including the Asian Development Bank (ADB), the World Bank and the United Nations. In these roles, she was widely regarded for her policy expertise, strategic insight and dedication to sustainable development.
“Dr Shamshad Akhtar rendered eminent services to Pakistan and the international community,” the SBP said, adding that her legacy would be remembered with respect and gratitude. The central bank extended its heartfelt condolences to her family, friends and colleagues, acknowledging the loss as a significant one for the country’s economic and financial community.
Tributes also came from international institutions where Dr Akhtar had served in senior capacities. Asian Development Bank President Masato Kanda expressed shock and sadness at her passing in a statement issued from Manila on Sunday.
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“It is with shock and disbelief that I learned of the passing of Dr Shamshad Akhtar,” Kanda said. He recalled her tenure as a director general at the ADB, noting that she led with integrity and played a key role in shaping important initiatives aimed at promoting sustainable growth across the region.
According to the ADB president, Dr Akhtar’s leadership helped lay a strong institutional foundation that continues to benefit the organisation and its member countries. “Her leadership at ADB continues to command respect,” he said, adding that her loss would be deeply felt within the bank and across the wider development community.
Asian Development Bank President Masato Kanda has expressed his deep condolences on the death of Dr Shamshad Akhtar.https://t.co/CqHkGLejuc
— Dawn Business (@dawn_business) December 29, 2025
On behalf of the ADB, Kanda extended condolences to Dr Akhtar’s family and to all those whose lives and careers were influenced by her work.
Dr Shamshad Akhtar was widely recognised as a trailblazer for women in economic policymaking and financial governance. Colleagues and observers have described her as a principled leader who combined technical expertise with a strong sense of public duty, leaving a lasting impact on Pakistan’s financial institutions and on international development efforts.
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