Dr. Shamshad Akhtar takes helm as Caretaker Finance Minister

August 17, 2023 (MLN): Former SBP Governor Dr. Shamshad Akhtar has been appointed as the caretaker finance minister to look after the matters of finance and revenue, economic affairs, statistics, and privatization. 

The finalization of cabinet appointments was carried out by caretaker prime minister Anwaar-ul-Haq on Thursday wherein the 18-member cabinet took the oath to assume their roles.

Dr. Shamshad Akhtar's appointment came at a critical time for Pakistan, with the country navigating heightened financial challenges, she shoulders the responsibility of overseeing reforms pledged to the IMF, adding an additional layer of complexity to the role.

Dr. Akhtar's career spans several key roles, including her tenure as the Governor of the State Bank, where she served from 2006 to 2009, and became the first woman to head the country’s central bank.

Prior to her appointment as SBP governor, Dr Akhtar served the Asian Development Bank (ADB) as its Director General, Southeast Asia Department since January 2004. Earlier, she was Deputy Director General of the Department.

She also held the position of Director, Governance, Finance, and Trade Division for the East and Central Asia Department of ADB.

Born in Hyderabad, Dr Akhtar received her early education in Karachi and Islamabad. She graduated from the University of Punjab with a B. A. Economics degree in 1974.

Dr Akhtar has an M.Sc. in Economics from the Quaid-e-Azam University, Islamabad, an M.A. in Development Economics from the University of Sussex in 1977, and a Ph.D. in Economics from the U.K.’s Paisley College of Technology in 1980.

She is a post-doctoral fellowship Fulbright Scholar and was a visiting fellow at the Department of Economics, Harvard University in 1987.

She has interfaced and represented the Asian Development Bank at the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO).

Dr. Akhtar has presented numerous papers on economics and finance at international conferences/seminars/symposia.

Her research interests include Monetary and Fiscal Policy, Banking and Capital Market, International Finance Architecture, Regulation and Supervision, and Industrial & Corporate Restructuring.

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