Pakistan confirms swimmer, in Hungary for FINA World Aquatics Championships, missing

The picture shows missing Pakistani athlete Faizan Akbar. (Photo courtesy: Raja Saqlain/Facebook)
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Updated 24 June 2022
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Pakistan confirms swimmer, in Hungary for FINA World Aquatics Championships, missing

  • Pakistani swimmer Faizan Akbar went to Hungary to participate in 19th FINA World Aquatics Championships
  • Foreign office confirms Canadian high commissioner demarched to protest remarks about Pakistan army chief 

ISLAMABAD: Pakistan’s foreign office on Friday confirmed that a Pakistani athlete was last week reported missing in Hungary, where he went to participate in the 19th FINA World Aquatics Championships. 

Faizan Akbar, a 22-year-old professional swimmer, has won four gold medals in national events. He went to Hungary to participate in the 19th edition of the FINA World Aquatics Championships, being held in Budapest from June 17 to July 3. 

Akbar was to feature in the 100-meter backstroke event on June 19, but he did not show up. 

“Our mission in Budapest has informed that Hungarian authorities have informed them about the missing Pakistani athlete,” foreign office spokesperson Asim Iftikhar Ahmed told Arab News after a weekly press briefing on Friday. 




The picture shows missing Pakistani athlete Faizan Akbar. (Photo courtesy: FINA website)

He said neither the Pakistan Swimming Federation nor the organizers of the competition in Hungary had informed the Pakistani mission about the participation of the South Asian country’s athletes in the event. 

“The mission is in touch with Hungarian authorities on the issue,” Ahmed added. 

Speaking at the weekly media briefing earlier, Ahmed said Islamabad on Thursday summoned Canadian High Commissioner to Pakistan Wendy Gilmour to protest remarks made in Canadian parliament about the Pakistan army chief. 

The remarks were made by Tom Kmiec, a member of Conservative Party, in which he accused Army Chief General Qamar Javed Bajwa of interfering in Pakistan’s politics. 

“The Canadian high commissioner to Pakistan was summoned on Thursday and demarched to protest the remarks made in Canadian parliament,” Ahmed said. 

“Pakistan takes serious exception to the baseless and unsubstantiated remarks made by the member in the Canadian parliament.” 

The foreign office spokesperson said Pakistan and Canada had a multifaceted relationship and Islamabad wished to deepen ties based on mutual respect and trust. “Such incidents are not helpful in that context,” he added. 


Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

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Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

  • A T+1 settlement cycle means that securities transactions are finalized and settled one business day after trade date
  • Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle

KARACHI: Pakistan’s capital market has officially transitioned to the Trade plus one (T+1) settlement cycle, a landmark reform that strengthens efficiency, reduces risk and aligns the country with international best practices, the Pakistan Stock Exchange (PSX) said on Tuesday.

A T+1 settlement cycle means that securities transactions are finalized and settled one business day after the trade date, which reduces counterparty risk and improves capital efficiency in the exchange of funds and securities. 

Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle. The transition was implemented under the guidance of the Securities and Exchange Commission of Pakistan (SECP) through close collaboration among all stakeholders, according to the PSX.

It aligns Pakistan’s capital market with leading markets such as the United States, Canada, Mexico, Argentina, Jamaica and China, which have already adopted shorter settlement cycles. Europe, the UK and Switzerland are set to follow by 2027. By moving early, Pakistan has demonstrated its commitment to modernization and investor protection.

“The transition to the T+1 settlement cycle brings important advantages for Pakistan’s capital market. It enables faster access to funds and securities, improving liquidity, while reducing settlement and counterparty risk through shorter exposure periods,” the PSX said.

“Quicker trade finalization enhances efficiency and the reform strengthens investor confidence, particularly among institutional and foreign investors. Together, these benefits support a stronger and more resilient market aligned with global best practices.”

Pakistan’s stock market has touched historic highs in recent months as broad institutional buying boosted investor confidence amid ongoing economic reforms under international lending programs. Pakistani state media reported in Jan. around 135,000 new investors had joined the PSX over the last 18 months.

SECP Chairman Dr. Kabir Ahmed Sidhu commended the PSX, the Central Depository Company and the National Clearing Company of Pakistan for the successful implementation of the T+1 settlement system.

“The reform brings Pakistan’s capital market at par with modern jurisdictions by accelerating trade settlement, reducing counterparty and market risks, and enhancing liquidity,” he was quoted as saying by the PSX.

“The adoption of T+1 will strengthen investor confidence and align Pakistan’s capital market with evolving international standards and global best practices.”