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Former SBP governor Shamshad Akhtar dies at 71 | The Express Tribune
She served as 14th SBP governor and later as caretaker finance minister before the 2018 and 2024 general elections
A file photo of former State Bank of Pakistan governor Dr Shamshad Akhtar during a news conference in Karachi on October 17, 2008. Photo: Reuters/ File
Shamshad Akhtar, the first and only woman to serve as governor of the State Bank of Pakistan and a two-time caretaker finance minister, passed away at the age of 71, the Ministry of Finance said on Saturday.
At the time of her death, Akhtar was serving as chairperson of the Pakistan Stock Exchange, marking a rare distinction of having led the country’s central bank, overseen fiscal management, and headed a key capital markets institution.
She served as 14th governor of the State Bank of Pakistan from 2006 to 2009 and later assumed the role of caretaker finance minister during the interim governments formed ahead of the 2018 and 2024 general elections.
Born in Hyderabad, Akhtar received her early education in Karachi and Islamabad and was known for her strong academic background. She graduated with a BA in Economics from the University of Punjab in 1974 and later earned an MSc in Economics from Quaid-e-Azam University, Islamabad. She went on to obtain an MA in Development Economics from the University of Sussex in 1977 and a PhD in Economics from the UK’s Paisley College of Technology in 1980.
Akhtar was also a Fulbright postdoctoral fellow and served as a visiting fellow at Harvard University’s Department of Economics in 1987.
President Asif Ali Zardari expressed profound grief over the passing of former State Bank of Pakistan governor Shamshad Akhtar, paying tribute to her lifelong commitment to public service and her role in strengthening economic governance and financial management in the country.
PRESIDENT’S SECRETARIAT
(Media Wing)
*****PRESS RELEASE
President expresses sorrow over passing of former Governor State Bank Shamshad Akhtar
Islamabad: 27 December 2025 — President Asif Ali Zardari has expressed deep sorrow and grief over the passing of former Governor State…
— Murtaza Solangi (@murtazasolangi) December 27, 2025
In a post shared on X by Presidential Spokesperson Murtaza Solangi, the president said he was deeply saddened by Akhtar’s death and acknowledged her contributions to the field of economics and public finance. He prayed for the elevation of the departed soul’s ranks and extended heartfelt condolences to the bereaved family.
Pakistan Stock Exchange also mourned the loss of its late Chairperson. “The Board and Management of Pakistan Stock Exchange express deep sorrow on the passing of Dr Shamshad Akhtar, Chairperson PSX. Dr Akhtar was a distinguished leader whose legacy and service will always be remembered, PSX wrote.
An economic stalwart
Pakistan’s economic and financial community is mourning the loss of Dr Shamshad Akhtar, who was widely regarded as one of the country’s most influential economic managers. Dr Akhtar played an active, hands-on role during Pakistan’s most difficult financial periods, contributing to policy responses to balance-of-payments pressures and participating in critical negotiations with the International Monetary Fund (IMF) to help stabilise the economy.
She broke new ground in 2006 when she became the first woman to head the State Bank of Pakistan, serving as its governor at a time when banking sector reforms and monetary tightening were central to economic management. Her tenure is remembered for strengthening financial regulation and enhancing the independence and credibility of the central bank.
Dr Akhtar later returned to public service as finance minister in caretaker governments formed in 2023, where she was entrusted with managing fragile economic conditions, engaging with international lenders, and ensuring continuity in fiscal and monetary policy during political transitions.
Beyond Pakistan, she built an exceptional global career, holding senior positions at leading international institutions. These included serving as Vice President of the World Bank for the Middle East and North Africa, Executive Secretary of the UN’s ESCAP, and senior leadership roles at the Asian Development Bank, where she oversaw development, governance, and financial programmes across Asia.
In addition to her public sector roles, Dr Akhtar also served in leadership positions within Pakistan’s capital markets, including her association with the Pakistan Stock Exchange (PSX), where she was Chairperson PSX Board and contributed to improving corporate governance, market transparency, and investor confidence.
While talking to the Express Tribune, former finance minister Miftah Ismail expressed deep sorrow over the demise of Dr Akhtar. “It is deeply saddening to hear about Dr Shamshad Akhtar’s passing. She was a great Pakistani who made her name both nationally and internationally. May she rest in peace. Ameen,” he said.
“Dr Shamshad Akhtar was more than an accomplished economist. She was a trailblazer who opened doors for women in the financial industry. Her leadership, integrity, and resilience made her a role model for generations aspiring to serve in economic and public policy roles.,” commented Arif Habib Limited Head of Research Sana Tawfik.
I always admired her. As a woman in a traditionally male-dominated financial world, Dr Akhtar proved that competence and courage can redefine leadership. She inspired countless young women to believe that they, too, belong at the highest decision-making tables, Tawfik added.
PSX CEO Farrukh H. Sabzwari also expressed sorrow and paid rich tribute to Dr Shamshad Akhtar. When contacted, he said, “It is with profound sorrow that we mourn the passing of Dr Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange. Her visionary leadership, dedication, and unwavering commitment to strengthening Pakistan’s financial landscape have left an indelible mark on our institution and the country.”
“This is a great loss not only for PSX but for Pakistan as a whole. We extend our deepest condolences to her family and loved ones, and we honor her legacy with gratitude and respect,” he added.
Dr Akhtar’s legacy extends far beyond the offices she held. Her passing marks the end of an era for Pakistan’s economic leadership, with colleagues and policymakers remembering her as a steady hand during crises and a respected voice on the global financial stage.
New Delhi: India’s real GDP growth is projected at 7.4 per cent for FY26, up from 6.5 per cent in FY25, a report has said, highlighting seasonal pick up in electricity, mining and construction sectors. The report from ICRA said that growth is expected to ease below 7 per cent in H2 FY26 from 8 per cent in H1 because of an unfavourable base effect and moderation in exports.
The report expects a pause in the February 2026 policy review by the RBI, with future decisions to be guided by the FY27 Union Budget and evolving inflation-growth dynamics. Meanwhile, economic activity remained healthy in Q3 FY26, aided by GST rate‑cut led festive demand and seasonal upticks in some sectors.
ICRA expects consumption volumes of goods and services as well as manufacturing volumes to have benefited from GST cuts and festival demand in Q3, though the export drag may intensify in H2 unless a US trade deal materialises.
The firm forecasts CPI inflation to plunge to 2 per cent in FY26 from 4.6 per cent in FY25, with WPI at 0.4 per cent. CPI rose to 0.7 per cent in November 2025 from 0.3 per cent in October, due to a narrower deflation in food and beverages.
Additionally, mining and construction activity as well as electricity demand are set to witness a seasonal pick up in the coming months, after the easing owing to rainfall-related disruptions, it said. “Cement production is expected to grow 6.5–7.5 per cent in FY26. Steel demand growth may moderate to 7–8 per cent after strong previous years. Electricity demand growth is muted at 1.5–2 per cent for FY26,” the report noted.
It also flagged external risks including delay in the US-India trade deal, and global policy changes affecting service exports. Domestic risks encompass subdued export growth, monsoon variability, fiscal constraints, and inflationary pressures from commodity prices.
Natalie Bellin Bransholme, Hull
BBCFamilies living on a council estate say a new “social supermarket” will help them make ends meet.
The shop at North Bransholme Community Centre sells surplus food, with packs of fruit, vegetables and bread costing as little as 20p a time.
It can be used by anyone who lives in the area, receives means-tested benefits and applies for a free membership.
On its opening day this month, hundreds of people visited the store to buy food at about a third of the cost charged by most supermarkets, with bosses estimating it could save a family more than £200 a month.
Kirsty Armstrong, a mother of two, said the store took the pressure off the worry of doing a weekly food shop.
“Even though you work, it can still be really hard just to buy the simplest of things like fruit.
“I’ve spent about £6 and I’ve got bread, fruit and I am thinking about stuff in my basket that can be kept frozen.”
James Trott, 67, was one of the first customers through the doors and plans to use the shop regularly.
“It helps me out being on a pension because you’ve got your gas and electricity, water, rent and council tax to pay for and it’s really hard for everyone on the estate who is on benefits,” he said.
“I’ve just got a tin of beans for 60p, they would have been double in another shop.”
The store is the 15th of its kind to be opened across the UK by the Community Shop Group, a social enterprise.
Products are donated by food industry partners from surplus stock due to overstocking or seasonal packaging. All are still in use date.
Gary Stott, the executive chairman, said as well as supporting people in the Bransholme area, it was helping to tackle food waste.
“Surplus food does occur and we can take that in and we can relabel it and get that on sale,” Mr Stott said.
“We’ve got a retail store with 600 product lines where the average basket spend is about 30% of the retail price, and so as a family you can save £212 a month on your shopping bills.
“Even though we are a small convenience store, 30% of our basket is fruit and vegetables. That means families can come and make really healthy choices at an affordable price.”
The group said profits from the shop would be reinvested into a community hub, which aims to support members to learn new skills.
Meanwhile, a community kitchen and cafe sells breakfasts and lunches for £1.50, along with free children’s meals all year round.
Carol Redfern and her mum were among those enjoying refreshments.
She said: “To be able to come here and get quality food cheaper, it means a lot.
“My mum lives with me, she is disabled, so we are not on a lot of money.
“You can come here and have something to eat and the kids eating free is brilliant.”
Figures from Trussel, the anti-poverty charity, suggest more than 700,000 people in Yorkshire and Humber faced hunger in the past year due to a lack of money, with one in 10 people in the region living in households classed as “food insecure”.
David Daniels, who is 73 and receives disability benefits, described the community store as “a needs must in this day and age”.
“I think financially it will help a lot of people,” he said. “It takes away from food banks as well.
“People can pay reduced prices and you can get quality goods.”
Last Updated:
Net office absorption in NCR jumped 61% year-on-year in 2024, the sharpest increase among major cities, to touch 9.5 million sq. ft.
Of the $8.87 billion in real estate investments that entered India in 2024, global investors accounted for nearly two-thirds.
Delhi-NCR has entered a phase of commercial real estate activity that is beginning to stand apart even in an otherwise buoyant Indian property cycle. Over the past few years, the region has experienced rapid real estate growth, infrastructure development, and corporate expansion, attracting global capital at an unprecedented speed and scale. Institutional investors, pension funds, sovereign wealth entities, and private equity platforms treat NCR as one of Asia’s more reliable commercial markets, rather than a speculative bet.
The change is visible in the numbers: net office absorption in NCR jumped 61% year-on-year in 2024, the sharpest increase among major cities, to touch 9.5 million sq. ft. Despite substantial new supply, vacancy levels have eased 2.6% to 22.6%, while rentals across key micro-markets have strengthened by about 5% on average, with pockets like Noida Expressway and Golf Course Extension Road seeing a far steeper climb over the past five years. Prime retail assets tell a similar story, with vacancy in premium malls having slipped to 8.3%, and trading densities continue to rise.
This resilience explains why NCR has become a preferred deployment zone for foreign institutional investors. Of the USD 8.87 billion in real estate investments that entered India in 2024, global investors accounted for nearly two-thirds, and a disproportionate share found its way into Delhi–NCR’s office, retail, and mixed-use portfolios. Their interest is not episodic. Capital managers view NCR as a deep, maturing market, large enough to absorb sustained inflows without the volatility that characterized earlier cycles.
Mohit Goel, managing director of Omaxe Limited, said, “Global capital is showing unprecedented confidence in NCR’s commercial real estate, and we see this reflected strongly in emerging hubs like Faridabad and Dwarka, Delhi. Over the last two years, institutional investments in NCR’s Grade-A commercial and retail assets have risen by an estimated 30–35%, driven by stronger connectivity, infrastructure upgrades, and sustained demand from organized retail and new-age businesses. Our developments in Dwarka and Faridabad are directly benefiting from this momentum. Investors are now prioritizing long-term, stable, income-generating assets, a shift that underscores the structural transformation taking place in the NCR market.”
The momentum is driven by a combination of structural and cyclical factors. Multi-national companies are scaling their Global Capability Centres, which have evolved from back-office support roles to high-value engineering and digital functions. This shift has materially changed the nature of demand. NCR’s strong engineering workforce, proximity to decision-making centres, and established social infrastructure make it a preferred base for complex, high-skill GCC operations.
Sandeep Chhillar, founder and chairman of Landmark Group, said, “NCR has reached a maturity level where global investors feel comfortable committing long-term capital. The region offers depth, diverse occupiers, a large GCC presence, and rental resilience across cycles. What stands out today is the consistency of demand in office and retail assets. Infrastructure upgrades have unlocked several micro-markets, reducing risk and widening opportunity. Institutional investors recognize this stability, and that is why we expect inflows into NCR’s commercial assets to accelerate over the next few years.”
Another easily recognizable trend is the predilection for “return-ready” commercial assets. This inherently places NCR in pole position, given its sheer stock of Grade A assets. At rentals averaging INR 340 per sq. ft. per month in prime pockets, Delhi NCR is the APAC region’s sixth most-expensive office market with clearer income visibility than many competing Asian cities.
Ishaan Singh, director of AIPL, said, “What differentiates NCR today is the depth of its demand base. From Grade-A office occupiers to global retail brands, the region attracts tenants looking at long-term consolidation. This stability, supported by strong consumption and infrastructure, has made NCR very attractive for global capital. Quality assets will continue to outperform, and institutional investors are increasingly seeking exposure in Grade A projects. Moreover, we expect this momentum to sustain for a long time period.”
Mohit Batra, regional director of Realistic Realtors, said, “NCR’s commercial landscape is going through a structural transformation backed by growth in consumption, expansion by corporates, and a preference for organized retail formats. The market has demonstrated resilience even when global conditions were uncertain. The investor community sees footfall, spending power, and high-quality mixed-use developments coming together. As retail-led destinations become community meeting points and offices increasingly see experiential spaces, NCR presents an interesting case for long-term yield-driven investment.”
As per industry estimates, GCCs alone may lease 50-55 million sq. ft. nationally by FY27, with NCR capturing a significant share. Due to this, NCR is no longer competing with domestic markets alone; it is competing with regional Asian cities for capital, and increasingly, it is winning. Global funds are convinced that India’s multi-decade growth cycle has enough momentum to support long-tenure commercial returns. NCR, with its expanding corporate footprint and maturing urban form, finds itself at the centre of this shift, and there is little sign of the momentum cooling.
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December 27, 2025, 15:42 IST
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