We mourn the passing of Shamshad Akhtar, a distinguished development economist, global public servant, and cherished colleague, whose leadership, integrity, and humanity left an enduring mark on economic policymaking and international cooperation. She passed away at the age of 71, leaving behind a legacy of service that spanned national institutions and the multilateral system.
BY SARAH RIBBERT (PROJECT COORDINATOR)
From 2020 to 2025, Shamshad Akhtar served as Co-Chair of the DRGR Project, where her extensive expertise, strategic insight, and unwavering commitment were instrumental in shaping the initiative. She helped steer the project with clarity and purpose, provided crucial advice at key moments, and made substantive contributions to its analytical and policy outputs. Deeply committed to the project’s mission, she believed profoundly in the need for a debt relief initiative that would allow debt-stricken countries to recover and thrive again—for the benefit of their people and the planet.
Living in Pakistan and having led the country’s central bank and finance ministry, Shamshad Akhtar understood firsthand the devastating effects that unsustainable debt burdens can have—not only on macroeconomic stability and public finance, but also on livelihoods, social cohesion, and human dignity. This lived experience gave her work a rare depth, grounding global policy debates in the realities faced by countries and communities under strain.
Shamshad Akhtar’s professional career was extraordinary. She was the 14th Governor of the State Bank of Pakistan, and the first woman to hold that position. She later served twice as Caretaker Finance Minister of Pakistan, and at the time of her passing was Chairperson of the Pakistan Stock Exchange, a role that uniquely bridged monetary policy, fiscal management, and capital markets. Internationally, she served as Under-Secretary-General of the United Nations and Executive Secretary of UN ESCAP, leading work on the 2030 Sustainable Development Agenda, climate change, and financing for development. As Senior Special Economic and Finance Advisor to UN Secretary-General Ban Ki-moon, she acted as the UN Sherpa for the G20. Her career also included senior leadership roles at the World Bank and the Asian Development Bank.
Her academic achievements were equally distinguished. A post-doctoral Fulbright Fellow at Harvard University, she held a PhD in Economics from the University of Paisley, a Master’s degree in Development Economics from the University of Sussex, and an MSc in Economics from Quaid-i-Azam University. Her contributions were widely recognized, including being named among the Wall Street Journal’s “Ten Women to Watch in Asia” and receiving the Central Bank Governor of the Year in Asia award in 2008.
Despite her considerable accomplishments and global stature, Shamshad Akhtar was known for her humility, warmth, and grace. She listened carefully, mentored generously, and engaged with others not from a position of authority alone, but with genuine respect and kindness. These qualities made her not only an exceptional leader, but also a deeply valued colleague and friend.
Shamshad Akhtar will remain close to our hearts. Her wisdom, courage, and principled commitment to equitable and sustainable development will continue to inspire all those who had the privilege of working with her. We extend our deepest condolences to her family, friends, and all who mourn her loss.