KARACHI: Pakistan International Airlines (PIA) completed its inaugural direct flight from Lahore to Baku on Sunday, a development Prime Minister Shehbaz Sharif described as a “major diplomatic success” and a step toward deepening ties with regional allies.
The new air link is part of Islamabad’s broader strategy to strengthen economic, tourism and diplomatic ties with Central Asian countries. Pakistan has been pushing to expand trade routes and people-to-people connectivity to boost its economy through enhanced trade, tourism and investment.
“This is a major diplomatic success for Pakistan,” Sharif said in a statement issued by his office after the flight arrived in Baku. “Azerbaijan is among our closest friends in the region, and we are striving to build partnerships with it across sectors, including tourism.”
Flight PK-159 departed Lahore at 11:50 AM with 152 passengers and landed at Heydar Aliyev International Airport in Baku, where it received a warm welcome.
Pakistani Ambassador to Azerbaijan Qasim Moinuddin, Airport Director Taimur Hassan and Azerbaijan’s Transport Minister Rashad Nabi greeted passengers on arrival.
The flight was celebrated onboard with a cake-cutting ceremony. Passengers received gift packs and mobile phones through a lucky draw. PIA’s return flight, PK-160, later departed from Baku for Lahore.
A formal send-off ceremony was held in Lahore earlier in the day, attended by Pakistan’s Defense Minister Khawaja Muhammad Asif and Azerbaijan’s Ambassador to Pakistan, Khazar Farhadov.
“PIA is expanding its network, and Baku is an important addition to this chain,” Asif said. “This flight will significantly strengthen relations between Pakistan and Azerbaijan.”
Sharif said similar air links with other friendly countries would follow soon, as part of Pakistan’s plan to strengthen regional integration.
“The launch of direct PIA flights between Lahore and Baku will help promote tourism,” the prime minister said. “We will soon begin similar direct flights with other friendly nations.”
Pakistan PM hails first Lahore-Baku flight as ‘diplomatic success’
https://arab.news/6bgmp
Pakistan PM hails first Lahore-Baku flight as ‘diplomatic success’
- Shehbaz Sharif says the new air link will help promote tourism between the two countries
- The flight carrying 152 passengers was warmly received by Azerbaijan’s transport minister
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.”
