Veteran economist Karm Farrugia has died aged 87.

After studying accounting and secretarial disciplines at the London University, he obtained an MSc in economics from the London School of Economics and Political Science. He also qualified as a cost and management accountant and auditor and was elected fellow of The Chartered Institute of Secretaries and Administrators.

For many years, he lectured economics and industrial management at the University of Malta.

In the period after Labour was elected to government in 1971, Farrugia served as a director of the then Malta Development Corporation at a time when the country faced a number of economic challenges as a result of the departure of the British forces.

He also had a short stint as Central Bank of Malta deputy governor between February and July 1973.

Farrugia served as managing director of Malta Shipbuilding Co. Ltd, an economic consultant to the General Workers’ Union and president of the Federation of Industry.

In 2015, Farrugia was appointed by Prime Minister Joseph Muscat as a member on the board of governors of the National Development Fund, which administers the proceeds from the sale of passports.

Farrugia died on Saturday and is survived by his daughters, Dawn, and her partner Joe, Julie, and her husband Alwyn, and his grandchildren Nicola, Katrina and Peter.

A private funeral was held on Tuesday.