Former federal finance minister and ex-governor of the State Bank of Pakistan (SBP) Dr Shamshad Akhtar passed away at the age of 70 after suffering a cardiac arrest, officials and family sources said on Saturday.

She was widely regarded as one of Pakistan’s most distinguished economists, with a prominent national and international career.

Condolences poured in from the country’s top leadership.

President Asif Ali Zardari, Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir expressed deep grief over her passing and paid tribute to her services to the nation.

According to a statement from the President House, President Zardari lauded Dr Akhtar’s contributions to Pakistan’s economic and financial sectors and prayed for the elevation of her ranks in the hereafter, while extending condolences to the bereaved family.

PM Shehbaz described Dr Akhtar as a capable and upright professional who brought distinction to Pakistan at both national and international forums. He expressed solidarity with the family in their hour of grief.

Field Marshal Asim Munir also expressed sorrow over her death, acknowledging her valuable contributions to Pakistan’s economic development, and prayed for patience and strength for her family.

Dr Akhtar’s funeral prayers will be offered in Karachi after Asr on Sunday.

Born in Hyderabad, Dr Akhtar completed her graduation in economics from Punjab University and earned an MSc from Quaid-i-Azam University.

She later obtained a degree in development economics from the University of Sussex and completed her PhD in the United Kingdom.

She also served as a visiting fellow at Harvard University.

She held several key positions during her career.

Dr Akhtar served as the 14th governor of the State Bank of Pakistan from 2006 to 2009, becoming the first woman to hold the post.

In 2007, Euromoney named her Asia’s Central Bank Governor of the Year.

She also served as federal minister for finance and economic affairs during the caretaker governments in 2018 and 2023. In 2008, The Wall Street Journal listed her among Asia’s top 10 professional women.

In recognition of her public services, the government awarded her the Nishan-e-Imtiaz.

At the time of her death, Dr Akhtar was serving as chairperson of the Pakistan Stock Exchange and Sui Southern Gas Company (SSGC). She was reappointed chairperson of the PSX board for a second three-year term in April 2024.

She also held leadership and advisory roles, including chairperson of the Pakistan Institute of Corporate Governance and adviser to the Pakistan Environment Trust Fund.