Former governor of the State Bank of Pakistan (SBP) Dr Shamshad Akhtar has been appointed caretaker finance minister, it was learnt on Wednesday.
The development comes as the process of appointing key members of the cabinet under caretaker prime minister Anwaar-ul-Haq continues amid widespread speculation.
Earlier this week, Dr Akhtar – who was also the finance minister in the caretaker government prior to the general election in 2018 – was conferred the Nishan-i-Imtiaz by President Dr Arif Alvi on the occasion of Independence Day.
She served as SBP governor from January 2, 2006 for a three-year term, becoming 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 East and Central Asia Department of ADB.
Born in Hyderabad, Dr Akhtar received her early education at 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 served as the chairperson of the board of directors at the Pakistan Stock Exchange (PSX), and Karandaaz Pakistan.
She has also contributed to Business Recorder as a writer. You can access her articles here.
Crucial role
Her appointment comes at a time when Pakistan remains enrolled in the International Monetary Fund (IMF) programme. Under the $3-billion nine-month Stand-By Arrangement (SBA), the country received the first tranche of around $1.2 billion last month.
However, despite clinching a last-minute deal, which helped the nation avert a potential default, pressure remains as the nation’s financing requirements remain elevated.
At such a time, the caretaker setup, which is normally responsible for conducting free and fair elections, has the added burden of navigating reforms promised to the IMF.
With this backdrop, the appointment of a caretaker finance minister was deemed crucial with several names floating for the position.