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Shamshad Akhtar
Shamshad Akhtar
	Akhtar at the World Economic Forum in October 2010
Minister of Finance
	Caretaker
	In office; 17 August 2023 – 4 March 2024
President	Arif Alvi
Prime Minister	Anwar ul Haq Kakar
Preceded by	Ishaq Dar
Succeeded by	Muhammad Aurangzeb
	In office; 5 June 2018 – 18 August 2018
President	Mamnoon Hussain
Prime Minister	Nasirul Mulk
Preceded by	Miftah Ismail
Succeeded by	Asad Umar
Executive Secretary of United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP)
	In office; 10 December 2013 – 2018
Preceded by	Noeleen Heyzer
Succeeded by	Armida Salsiah Alisjahbana
14th Governor of the State Bank of Pakistan
	In office; 2 December 2006 – 1 January 2009
Prime Minister	Yousaf Raza Gillani
Preceded by	Ishrat Hussain
Succeeded by	Syed Salim Raza
Vice President of World Bank for Middle East and North Africa
	In office; 1 January 2009 – 6 July 2009
Personal details
Born	1954 (age 69–70); Hyderabad, Sindh, Dominion of Pakistan
Political party	Independent
Alma mater	University of the West of Scotland (PhD); University of Sussex (MA); Quaid-i-Azam University (MSc); University of the Punjab (BA)

Shamshad Akhtar is a Pakistani development economist, United Nations diplomat, banker and politician who served as the caretaker finance minister of Pakistan from 2023 to 2024 as well as from 5 June 2018 to 18 August 2018.^[1]^[2]

Prior to that, she served as the 14th Governor of the State Bank of Pakistan, the first woman to assume this position. She also served as a senior adviser to the then Secretary-General of the United Nations, Ban Ki-moon and as Vice-President of the World Bank.^[2]^[3]^[4]

In December 2013, Akhtar was selected by the UN Secretary-General^[3] as Under-Secretary-General and the 10th Chief Secretary of the Monetary and Social Commission for Asia and the Pacific (ESCAP).^[3]

Since 17 August 2023, she has been serving as care taker Federal Minister of Finance.

Early life and education

Shamshad Akhtar was born in Hyderabad, Sindh, Pakistan.^[4]^[5]^[6]

She moved to the United Kingdom on a Commonwealth Scholarship to study at the University of Sussex, receiving an M.A. in development economics in 1977. She moved to the University of the West of Scotland (then Paisley College of Technology) where she was awarded a PhD in Economics in 1980.^[2]^[4]^[5]

Career

Akhtar started her career in 1980 with the Planning Commission in Islamabad but moved few months later to work with the World Bank's Resident Mission in Pakistan as a country economist. She left in 1986 for a year-long sabbatical to attend John F. Kennedy School of Government at Harvard University as a postdoctoral researcher under the Fulbright Program.^[7]^[4]

In 2005, she moved back to Pakistan to serve as the 14th Governor of the State Bank of Pakistan, a position she retained until January 2009.^[5]^[2]^[3]

In 2009, Akhtar re-joined the Asian Development Bank as a senior advisor to Haruhiko Kuroda. She moved to Washington, D.C. to be able to work at the World Bank and served as the Vice President, World Bank Middle East and North Africa region. During this period, she spearheaded the bank's response to the Arab Spring political campaign and the Arab regional integration strategy and its implementation.^[2]^[4]^[5]

In September 2011, she moved to the United Nations to serve as the Assistant Secretary-General for Economic and Social Affairs and Senior Adviser on Economic Development and Finance to the UN Secretary-General Ban Ki-moon.^[2]^[8]

In December 2013, Akhtar was appointed as the 10th Executive Secretary of UNESCAP in Bangkok.^[2]

In 2020, Akhtar was appointed by United Nations Secretary-General António Guterres to serve on the Advisory Committee for the 2021 Food Systems Summit, chaired by Inger Andersen.^[9]

In 2023, Akhtar was appointed as caretaker finance minister of Pakistan

Wealth

According to Election Commission of Pakistan, prior to assuming her role as caretaker finance minister in 2023, Akhtar declared her net worth to be Rs. 2.94 billion (US$10 million).^[10] Among the mentioned assets are Rs. 2.8 billion (US$9.7 million) in Naya Pakistan Certificates, Rs. 109 million (US$380,000) in Pakistani treasury bills, shares of Pakistan State Oil worth Rs. 0.3 million, and residential plots in DHA. Akhtar also has more than Rs. 27 million (US$94,000) deposited in different banks.^[11]

Recognition

On 23 October 2007, Akhtar was conferred Best Central Bank Governor for Asia 2007 by the Euromoney Institutional Investor.^[8]
On 11 November 2008, Akhtar was named amongst the top ten women leaders in Asia by The Wall Street Journal.^[2]^[7]