Dr. Shamshad Akhtar, a former governor of the State Bank of Pakistan (SBP), has been named caretaker federal finance minister, it was learned on Wednesday. The deceit comes as the selection process for important cabinet members under caretaker prime minister Anwaar-ul-Haq continues amidst intense rumors.
Dr. Shamshad Akhtar, who served as finance minister in the caretaker administration before the 2018 election, was awarded the Nishan-i-Imtiaz earlier this week on Independence Day by President Dr. Arif Alvi.
Dr. Shamshad Akhtar Profile
Dr. Shamshad Akhtar was appointed SBP governor on January 2, 2006, and held the position for three years. She was the first woman to lead the nation’s central bank. Dr. Akhtar served the Asian Development Bank (ADB) as its Director General, Southeast Asia Department, since January 2004 before being named SBP governor.
She had previously served as the Department’s Deputy Director General. For the ADB’s East and Central Asia Department, she also held the Director, Governance, Finance, and Trade Division role.
Dr. Shamshad Akhtar, born in Hyderabad, completed her early schooling in Karachi and Islamabad. She earned a B.A. in Economics from the University of Punjab in 1974.
Dr. Shamshad Akhtar holds a Ph.D. in Economics from the Paisley College of Technology in the United Kingdom, an M.Sc. in Economics from the Quaid-e-Azam University in Islamabad, and an M.A. in Development Economics from the University of Sussex.
She was a visiting fellow at the Harvard University Department of Economics in 1987 and is a post-doctoral Fulbright Scholar. She has held the position of board chair at both Karandaaz Pakistan and the Pakistan Stock Exchange (PSX). She has written for the Business Recorder as well. Her articles are available here.
Essential Part
The timing of her appointment coincides with Pakistan’s continued participation in the IMF programme. The nation got the first tranche, totaling about $1.2 billion, under the $3 billion nine-month Stand-By Arrangement (SBA) last month.
The nation avoided a possible default thanks to a last-minute agreement, but pressure still exists because of the high level of the country’s financial needs.
The caretaker regime, typically in charge of holding free and fair elections, is now also accountable for carrying out the reforms promised to the IMF. In light of this, it was decided that appointing a caretaker finance minister was essential, and some candidates were floated.