A Day of Shock at Karachi Press Club
The Karachi Press Club was bustling last Saturday as members gathered to vote for its upcoming leadership – a tradition combining democratic process with camaraderie among journalists. Conversations, laughter, and lively debates filled the air.
During a casual lunch of biryani, news editor Ashraf Khan delivered unexpected and devastating news: Dr. Shamshad Akhtar had passed away. Confirmation soon arrived from the Pakistan Stock Exchange’s public relations officer, announcing that Dr. Akhtar, Chairperson of the PSX Board, was no longer with us. The joyous day quickly turned into mourning.
Early Life and Education
Born on July 5, 1954, in Hyderabad, Sindh, Dr. Akhtar belonged to an educated family. Her father, a bureaucrat from Nawabshah (now Benazirabad), prioritized her education. Despite societal restrictions on women at the time, she earned a Commonwealth Scholarship to study in the United Kingdom.
She completed a Master’s in Development Economics from the University of Sussex in 1977. Later, she earned a PhD in Economics from the University of the West of Scotland in 1980. These achievements laid the foundation for a distinguished career in economics, banking, and public service.
Rising Through Pakistan’s Bureaucracy
Upon returning to Pakistan, Dr. Akhtar joined the civil service and initially worked at the Planning Commission. Soon after, she became a country economist at the World Bank’s Pakistan mission. Her career then took her to Harvard University for research and, later, to the Asian Development Bank (ADB) in 1990. By 2004, she was appointed Director for Southeast Asia at ADB.
In January 2005, she became Pakistan’s 14th Governor of the State Bank, and the first woman to hold the position. Her tenure was marked by decisive measures that often challenged powerful interests but strengthened the national economy.
Leadership at the State Bank of Pakistan
Dr. Akhtar assumed office during challenging times. Pakistan faced rising inflation, declining foreign reserves, and liquidity shortages. She implemented strict monetary policies, including raising interest rates to 15% in 2008. Her decisions also limited unsustainable government borrowing.
During a sugar shortage, she confronted a market-manipulating cartel. This action stabilized prices but earned her powerful adversaries. She also warned banks against manipulating interbank rates. These reforms brought stability and improved transparency in the banking sector.
Press briefings became long sessions where she explained economic policy in detail. Journalists often gained deep insights into complex financial matters through these briefings.
Breaking Barriers
Dr. Akhtar consistently broke gender barriers. She was Pakistan’s first female Governor of the State Bank and first female Finance Minister. She also served as Chairperson of the Pakistan Stock Exchange and Sui Southern Gas Transmission & Distribution Company.
Internationally, she contributed to the United Nations as Assistant Secretary-General for Economic and Social Affairs. At the World Bank, she became Vice President for the Middle East and North Africa. She played a key role during the Arab Spring, restructuring relations with affected countries.
Later Career and International Recognition
In 2023, she returned to Pakistan as caretaker Finance Minister. She negotiated with the IMF and implemented critical economic reforms. She also influenced the corporate sector and participated in global initiatives like the Belt and Road advisory teams.
Her accolades include Pakistan’s highest civil award, the Nishan-i-Imtiaz (2023), recognition as Asia’s top governor by The Wall Street Journal (2008), awards from Kazakhstan and Turkmenistan, and the We Are Women Leadership Award.
Personal Life and Passing
Dr. Akhtar dedicated her life to public service, prioritizing work over family. She was especially close to her mother, whose passing had left her saddened. Remarkably, she remained active until her final days, chairing a board meeting at the Pakistan Stock Exchange on December 27. She passed away due to cardiac arrest.
Also Read: Dr Shamshad Akhtar, Former Finance Minister and State Bank Governor, Passes Away
Her death revealed insufficient official recognition, as her body was brought to a charitable organization’s facility instead of receiving state-arranged honors.
Legacy
Dr. Shamshad Akhtar’s legacy will endure both in Pakistan and globally. Her policies and reforms transformed financial systems and strengthened economic governance. She set a precedent for women in leadership roles and remained a symbol of resilience, professionalism, and dedication.
Her passing marks the end of an era, but the institutions and reforms she shaped will continue influencing future generations.
