KARACHI: Shamshad Akhtar, Pakistan’s first woman to serve as governor of the central bank and one of the country’s most internationally experienced economic policymakers, died at the age of 71, officials said on Saturday.

Akhtar led the State Bank of Pakistan from 2006 to 2009, becoming the first and only woman to lead the institution since its establishment in 1948. She later served twice as caretaker finance minister, overseeing fiscal management during transitional governments ahead of the 2018 and 2024 general elections.

According to local media reports, Akhtar died of cardiac arrest.

President Asif Ali Zardari expressed sorrow over her passing in a statement.

“The president paid tribute to her services in the field of economics and financial management, noting her contribution to strengthening economic governance in the country,” the presidency said, adding that he extended condolences to the bereaved family and prayed for the departed soul.

Finance Minister Muhammad Aurangzeb described Akhtar as a highly accomplished economist and an outstanding human being.

“Dr. Shamshad Akhtar was a dignified, principled and wise voice in Pakistan’s economic history,” he said.

He said she served Pakistan with integrity and dedication across several senior economic roles, adding that her national service would always be remembered with respect.

At the time of her death, Akhtar was serving as chairperson of the Pakistan Stock Exchange, a role that placed her at the intersection of Pakistan’s monetary policy, fiscal management and capital markets.

Beyond Pakistan, she held senior positions at major international institutions, including the World Bank, the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific.

Born in Hyderabad, she was educated in Karachi and Islamabad and held advanced degrees in economics from institutions in Pakistan and the United Kingdom.

Akhtar was widely regarded as a technocrat known for institutional discipline, policy continuity and a strong commitment to economic reform.

With input from Reuters