The State Bank of Pakistan (SBP) has expressed deep sorrow and grief over the passing of its former governor, Dr Shamshad Akhtar, paying tribute to her distinguished career and lasting contributions to public service.
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In an official statement, the Board of Management and staff of the central bank said Dr Akhtar made history as the first female governor of the State Bank of Pakistan. Her tenure was marked by strong leadership, integrity and a firm commitment to strengthening Pakistan’s financial and economic institutions.
Deeply saddened to learn of the passing of Dr. Shamshad Akhtar. She was a renowned economist, former SBP Governor, and a dedicated public servant who served Pakistan with distinction, including as caretaker finance minister. Her contributions at the World Bank and as Secretary… pic.twitter.com/6N16p6x7Dk
— Ahsan Iqbal (@betterpakistan) December 27, 2025
The SBP noted that Dr Akhtar’s services extended far beyond her role at the central bank. She held several senior leadership positions in prominent international organisations, including the Asian Development Bank (ADB), the World Bank and the United Nations. Through these roles, she played a key part in shaping development policies and advancing economic cooperation at both regional and global levels.
While extending condolences to her family, friends and colleagues, the SBP described Dr Akhtar as a visionary economist whose work and leadership left a lasting impact. The statement added that she would be remembered with deep respect and gratitude for her contributions to Pakistan and the international development community.
Tributes also poured in from international institutions. Asian Development Bank President Masato Kanda expressed shock and sadness over her death, calling it a significant loss for the global development sector.
In a statement issued from Manila, Kanda said Dr Akhtar had served as director general at the ADB with distinction, leading major initiatives and helping lay a strong foundation for sustainable growth in the region. He noted that her leadership, professionalism and integrity continued to command respect within the institution.
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The ADB president said her passing would be deeply felt across the bank and the wider development community. On behalf of the ADB, he extended heartfelt condolences to Dr Akhtar’s family and to all those whose lives and careers were influenced by her work.