Author: dailybalochistantimes.com

Islamabad: The Board of Directors of the Institute of Financial Markets of Pakistan (IFMP) has approved the relocation of the Institute’s head office to Islamabad as part of a major strategic transformation aimed at making IFMP the country’s premier institution for financial market education, continues professional training, and capacity building.

The Institute will, however, maintain a regional office in Karachi.

The Board unanimously elected Dr. Kabir Ahmed Sidhu, Chairman of the Securities and Exchange Commission of Pakistan (SECP), as Chairperson of the IFMP Board, while Mr. Muhammad Ali Farid Khawaja, Commissioner, Securities Market Division (SMD), SECP, joined the Board as SECP’s nominee member, said a release issued here on Friday.

The meeting was attended by Dr. Mubbashar Sadiq, Chief Executive Officer (CEO), IFMP; Mr. Jawad Hashmi, Chief Operating Officer (COO), Pakistan Stock Exchange (PSX); Mr. Shariq Jaffrani, Chief Financial Officer (CFO), Central Depository Company (CDC); Dr. Ahmed Junaid, Dean, Karachi School of Business and Leadership (KSBL); Mr. Shahrukh Usmani, Company Secretary, IFMP; and Mr. Ahmad Javed, Manager Finance, IFMP.

Addressing the meeting, Dr. Kabir Ahmed Sidhu said that with 64-67% of Pakistan’s population under 30, the country has immense potential to expand financial inclusion, retail investment, entrepreneurship, and employment. He said SECP has set a target of increasing Pakistan’s capital market investor base from around 500,000 to 2.5 million, emphasizing that financial literacy and skills development will be fundamental to achieving this objective.

He said IFMP will lead a nationwide financial literacy initiative by taking financial education to schools, universities, and professional communities across Pakistan. The Institute will equip youth and professionals with the knowledge and skills needed to participate in the formal financial sector, strengthen investor confidence, and impart professional courses to develop qualified human capital for the capital market and insurance industries.

Commissioner SECP Mr. Muhammad Ali Farid Khawaja said the Pakistan Stock Exchange must expand its reach across Pakistan, noting that a growing number of new investors are emerging from Punjab and other regions of the country. He said IFMP will significantly expand its mandate by introducing free online financial literacy courses, continuous professional development programmes, certification courses for capital market and insurance intermediaries, and specialized industry training to build a skilled financial services workforce.

The Board also placed on record its appreciation for the valuable contributions of outgoing SECP nominee directors Mr. Osman Syed and Dr. Yasir Mahmood, and acknowledged the dedicated leadership of Mr. Shoaib Javed Hussain during his tenure as Chairperson of the IFMP Board.

Islamabad: Federal Minister for Kashmir Affairs and Gilgit-Baltistan, Engineer Amir Muqam, on Friday expressed deep sorrow over the loss of lives in a gas explosion at the Sorange coal mine near Quetta, where several miners were killed.

According to initial reports, a large number of the victims belonged to Shangla district.

The minister contacted Balochistan Chief Minister Sarfraz Bugti by telephone and urged a transparent and comprehensive investigation into the tragedy, while the provincial government assured a full inquiry into the incident.

Expressing heartfelt condolences, Mr Muqam said the nation stood with the bereaved families in their hour of grief and sorrow.

During his conversation with Chief Minister Sarfraz Bugti, the federal minister stressed the need to determine the causes of the explosion and ensure accountability through an impartial investigation.

The Balochistan chief minister assured him that a complete probe would be conducted and all aspects of the incident would be thoroughly examined.

Mr Muqam also prayed for the eternal peace of the departed souls, the elevation of their ranks, and strength and patience for the families left behind.

The deadly explosion has triggered widespread grief across the country, particularly in Shangla, from where many of the deceased miners are believed to have originated, according to preliminary information.

Islamabad: Search and rescue teams have recovered the bodies of two mountaineers and transported them to Skardu after an avalanche struck a group attempting to summit Broad Peak in the Karakoram range.

Efforts are continuing to locate the remaining eight missing mountaineers from a team of 10 caught in the incident.

The rescue operation, involving Pakistan Army helicopters and ground teams, remains underway in the high-altitude region. Sources said the process of confirming the identities of the two recovered mountaineers was still in progress.

In a separate rescue during the same mission, an Italian climber who fell ill while participating in the K2 expedition was airlifted safely by a Pakistan Army helicopter.

The ground search and rescue mission for the missing mountaineers was being led by Pakistani mountaineer Sarbaz Khan. Rescue teams continued to search difficult terrain in an effort to locate those still unaccounted for.

According to rescue officials, the missing group included climbers from the United States, China, Nepal, and Oman, as well as Pakistani mountaineer Sohail Sakhi. Search teams were working across multiple sections of the mountain where the avalanche was believed to have struck.

The operation was being carried out through a combination of aerial and ground efforts. Alongside Pakistan Army helicopter missions, civil rescue teams had been assisting in the search operation and supporting efforts on the ground.

The accident occurred a day earlier when a team of mountaineers attempting to ascend Broad Peak was suddenly hit by an avalanche. The mountain, located in the Karakoram range of northern Pakistan, is one of the world’s highest peaks and attracts climbers from different countries each year.

Rescue officials said weather and terrain conditions remained a challenge, but search teams were continuing their efforts to locate the missing climbers.

Islamabad: National Disaster Management Authority (NDMA) on Friday announced that the spillways of Rawal Dam will be opened at 6am on Saturday after the reservoir’s water level rose to 1,748.30 feet amid ongoing monsoon rains, prompting authorities to issue warnings for a likely increase in water flow in Korang Nullah and alert residents living along its banks.

According to the NDMA, all relevant federal, provincial and local authorities have been informed in advance to ensure preparedness and public safety measures before the controlled release of water from the dam.

The authority warned that water levels in Korang Nullah are expected to rise significantly once the spillways are opened.

Residents of communities located along the nullah have been advised to remain vigilant and closely follow instructions issued by local administrations and emergency services.

NDMA urged the public to avoid entering the nullah or attempting to cross temporary bridges and low-lying crossings if water flow intensifies.

The authority said precautionary measures were being taken to minimise risks to life and property, while emergency response agencies remained on alert to deal with any eventuality arising from the increased discharge.

Citizens were advised to stay updated through official alerts and avoid unnecessary movement near waterways during the release operation.