LAHORE: A thick cloud of smog that enveloped Pakistan’s cultural capital on Wednesday has earned it the ignominious title of the world’s most polluted city, according to a Swiss air quality monitoring company.
Platform IQAir said that Lahore now stands at the top of its polluted cities ranking — with an air quality index of 203 on the US AQI scale, versus runner-up Dehli, India, with 183. That standing was at 0949 GMT; the two cities had traded places at least once over the course of the morning.
Increasing smog and particle-laden air has sickened thousands of people with respiratory and other illnesses, forcing many to stay at home on particularly dirty days like Wednesday.
Dhaka, Bangladesh came in third, with an index of 169, and Kolkata, India at fourth, with a reading of 168. Lahore stood at third place a day earlier.
Lahore was once known as the city of gardens, which were ubiquitous during the Mughal era of the 16th to 19th centuries. Intense urbanization and surging population growth have left little room for greenery across the city, Pakistan’s second largest after the capital Karachi.
Doctors are advising people to wear face masks to avoid respiratory related diseases.
Pakistani cultural capital is now world’s most polluted city
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Pakistani cultural capital is now world’s most polluted city
- Lahore now stands at the top of its polluted cities ranking — with an air quality index of 203 on the US AQI scale
- Increasing smog and particle-laden air has sickened thousands of people with respiratory and other illnesses
Pakistan, ADB sign ‘landmark’ $500 million climate loan agreement
- Program is aimed at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management
- Finance minister said last month Pakistan is also targeting around $1 billion in a formal request for climate cash from IMF
ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Tuesday signed a “landmark” $500 million dollar loan agreement under the ‘Climate and Disaster Resilience Enhancement Program,’ state broadcaster Radio Pakistan reported.
Pakistan is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index.
Finance Minister Muhammad Aurangzeb said last month Pakistan was targeting around $1 billion in a formal request for funding from an IMF facility that helps low and middle income countries mitigate climate risk. The IMF already agreed to a $7 billion bailout for Pakistan in September but has additional funding available via its Resilience and Sustainability Trust (RST), created in 2022 to provide long-term concessional cash for climate-related spending such as adaptation and transitioning to cleaner energy.
“The signing of the [ADB] agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach,” Radio Pakistan said, quoting Pakistan’s Minister for Economic Affairs, Ahad Cheema.
The program is aimed at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management and will address the country’s vulnerabilities to natural disasters and climate impacts.
“The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments,” Radio Pakistan added.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at the UN COP29 climate summit last week, used the forum to highlight the need to increase climate finance for vulnerable, developing countries. He said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs) or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.
The main task for nearly 200 countries at the COP29 summit, taking place from Nov. 11-22, is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Pakistan Stock Exchange crosses 96,000 to hit record intraday high
- Higher remittances, exports, foreign investment credited for bullish activity, analysts say
- Stock Exchange witnessing bullish trend since government slashed policy rate this month
ISLAMABAD: The Pakistan Stock Exchange on Tuesday surged past 96,000 points to hit a record high in intraday trading, with analysts attributing the rally to a current account surplus in October due to higher remittances, exports and foreign direct investment.
The benchmark KSE-100 index climbed to a record 935.66 points or 0.98 percent to stand at 95,931.33 from the previous close of 94,995.67 points. It touched the 96,036.48 mark for the first time at 2:44pm PST.
Ahsan Mehanti at the Arif Habib Corporation told Arab News potential investors had weighed surging foreign reserves as well as government decisions over reforms for loss-making state-owned enterprises, independent power producers and energy pricing.
“Stocks bullish on reports of current account surplus of $349 million in Oct. 2024 on higher remittances, exports and FDI rising by 32pc to $904m for Jul-Oct. 2024,” he said. “The next triggers could be easing political noise amid protest calls by opposition.”
Pakistan’s external current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
A bullish trend has been observed at the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. It’s economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
Before this, the country went through a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.
Last year, Pakistan narrowly avoided a sovereign default by clinching a last-gasp $3 billion IMF bailout deal.
Pakistan dispatches aid consignment to Syria amid Israeli strikes
- Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since Oct. 7, 2023
- Before latest dispatch, Pakistan has sent 12 aid consignments to Palestine, six shipments to Lebanon, one to Syria
ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) on Tuesday dispatched a consignment of aid for Syria where Israel has been carrying out strikes as part of its military actions in the Middle East.
Israel has been hitting what it calls Iran-linked targets in Syria for years but has ramped up such raids since the Oct. 7, 2023, attack by Hamas on Israel, leading Israel to launch a military campaign in which more than 43,000 Palestinians have been killed in Gaza and more than 3,500 people in Lebanon.
Israel launched its campaign in Gaza after a Hamas-led assault on southern Israeli communities in which some 1,200 people were killed and another 250 taken hostage, according to Israeli tallies.
“On Tuesday, 20th consignment of aid was dispatched from Karachi to Syria,” the NDMA said in a statement.
“This aid shipment, sent by NDMA in collaboration with Al-Khidmat Foundation [NGO], comprised approximately 17 tons of supplies, including rice buckets, powdered milk, tin food, family packs, sleeping bags, medical support kits and generator. The aid was dispatched via chartered flight from Jinnah International Airport, Karachi, to Damascus, Syria.”
Before Tuesday’s dispatch, the government of Pakistan had sent 12 aid consignments to Palestine, six to Lebanon, and one to Syria.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Since the beginning of the war in October last year, Pakistan has repeatedly called for a ceasefire in Gaza and raised the issue at the United Nations, the Organization of Islamic Cooperation (OIC) and other international forums, urging an end to Israeli military actions.
Pakistan PM meets Saudi minister, expresses satisfaction over implementation of $2.8 million investment deals
- Pakistani and Saudi businesses signed 34 agreements last month
- Sharif appreciates Saudi crown prince for stance on Israel’s war on Gaza
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif met Saudi Arabia’s Deputy Interior Minister Dr. Nasser bin Abdulaziz Al-Dawood on Tuesday, with the premier expressing satisfaction over the implementation of recently signed business agreements between the two countries worth $2.8 billion, his office said.
Pakistani and Saudi businesses signed 27 memorandums of agreement (MoUs) worth $2.2 billion on Oct. 10 during the Saudi investment minister’s visit to Islamabad. The Saudi minister announced on Oct. 30 whilst Sharif was visiting the Kingdom that both sides had agreed to enhance the number of business agreements from 27 to 34 and increase their value from $2.2 billion to $2.8 billion.
Al-Dawood called on PM Sharif in Islamabad where the two leaders discussed bilateral relations, the Prime Minister’s Office (PMO) said. During the meeting, Sharif thanked the Saudi leadership and government for always supporting Pakistan.
“The Prime Minister expressed his satisfaction over the implementation of MoUs between Saudi Arabia and Pakistan with regard to Saudi Investment of 2.8 billion USD in Pakistan,” the PMO said.
The two sides also discussed the escalation in tensions in the Middle East and Israel’s war on Gaza. Sharif appreciated the Saudi leadership for holding the Arab-Islamic Summit this month and praised Saudi Crown Prince Mohammed bin Salman’s stance on the Palestine issue.
“The Prime Minister applauded the leadership role of Saudi Arabia and the efforts of HRH Crown Prince Mohammed bin Salman in unifying the Ummah to collectively seek an end to violence in Gaza due to Israel’s genocidal actions,” the PMO said.
Speaking on the importance of defense ties between Pakistan and the Kingdom, Sharif Al-Dawood’s visit would help bring the two countries closer in terms of cooperation in these areas.
Pakistan has increasingly sought to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.
Pakistan and UK agree to deepen bilateral cooperation, address climate challenges
- British Under-Secretary of State Hamish Falconer meets Deputy PM Ishaq Dar in Islamabad
- Pakistan is one of the most vulnerable countries in the world to climate change impacts
ISLAMABAD: British Under-Secretary of State Hamish Falconer called on Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday to discuss bilateral cooperation between the two countries and challenges related to climate change, state broadcaster Radio Pakistan reported.
Pakistan is one of the most vulnerable countries to climate change, according to the Global Climate Risk Index. Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed more than 1,700 and cost the nation an estimated $33 billion. Pakistan’s economic struggles and high debt burden put a strain on its resources and impinged the country’s ability to respond to the disaster.
The South Asian country has also experienced frequent erratic weather patterns, which range from droughts to heat waves and intense rainfall. This year, Pakistan recorded its “wettest April since 1961,” after recording 59.3 millimeters of rainfall, while some areas of the country faced deadly heatwaves in May and June.
“Pakistan and the United Kingdom have agreed to deepen bilateral cooperation and address climate change-related challenges,” Radio Pakistan reported.
It said both leaders also discussed regional and bilateral issues of common interest, with Dar reaffirming Pakistan’s desire to further strengthen traditionally cordial ties with the UK.
Pakistan and the UK enjoy strong military, economic and educational ties, with the latter hosting a large Pakistani diaspora.
The two countries have recently witnessed high-level visits between their military leaderships, indicating a strengthening of defense ties and collaboration. The relationship between the two countries is underpinned by shared history and the presence of a significant Pakistani diaspora in the country.
