Pakistan has lost one of its most credible, principled, and globally respected economic minds with the passing of Dr Shamshad Akhtar. For many of us in the policy and business community, this is not just the loss of a distinguished public servant; it is the loss of a rare economist who combined intellectual depth with the courage and capacity to implement real change.

Over many years, I had the privilege of meeting Dr Shamshad Akhtar frequently. What stood out immediately was that she was never an economist of abstractions. She did not speak in slogans, nor did she rely on borrowed optimism. Her conversations were grounded in data, institutions, incentives, and execution. She firmly believed that economies do not improve through intent alone. They improve through governance, discipline, and credible frameworks that endure well beyond individuals and political cycles.

This belief defined her entire public life. Her tenure as Governor of the State Bank of Pakistan marked a decisive shift in how monetary authority and financial regulation were understood in the country. At a time when central banking was often viewed through the lens of short-term pressures, Dr. Akhtar insisted on........

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