KARACHI: Pakistan has sought support of the Asian Development Bank (ADB) for the issuance of its yuan-denominated Panda bond, the Pakistani finance ministry said on Thursday.
The statement came after Pakistan Finance Minister Muhammad Aurangzeb’s meeting with ADB President Masato Kanda in Washington D.C., wherein the two sides discussed their Country Partnership Strategy 2026-2030 and budgetary support.
Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets and raise approximately $200 million from Chinese investors, following upgrades in its sovereign ratings by major credit agencies.
Islamabad is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company. However, the latest figure shared in Jan. is lower than the $300 million targeted by Pakistan last year.
“The minister requested ADB’s support for a partial credit guarantee for the issuance of Pakistan’s Panda bond,” the Pakistani finance ministry said.
The development comes more than a week after global ratings agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’, citing increased confidence in the country’s progress on narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, according to Fitch.
Pakistan’s economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout program from the IMF.
Aurangzeb and the ADB president also discussed the Bank’s Country Partnership Strategy 2026-2030 for Pakistan and agreed to fast-track the project’s execution, according to the Pakistani finance ministry.
“He also expressed hope that budgetary support from ADB would materialize this year and assured the participation of Pakistan’s delegation in the CAREC (Central Asia Regional Economic Cooperation Program) meeting scheduled for November 2025,” it added.
Pakistan is a founding member of the ADB. Since 1966, the bank has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.
Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
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Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue
- The development follows upgrades in Pakistan’s sovereign ratings by major credit rating agencies
- Islamabad plans to launch yuan-denominated Panda bonds in June to raise roughly $200 million
Pakistan offers condolences as Texas floods death toll rises to 50
- Floods in Texas began on Friday as months’ worth of rain fell in a matter of hours
- Shehbaz Sharif hopes ongoing rescue efforts help save more lives from calamity
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif offered condolences to US President Donald Trump this week as the death toll from flash floods in Texas rose to 50, with American rescuers continuing the search for missing persons.
The flooding began in Texas on Friday — the start of the Fourth of July holiday weekend — as months’ worth of rain fell in a matter of hours.
The National Weather Service (NWS) has warned that more rain has been forecast, and that “excessive runoff may result in flooding of rivers, creeks, streams and other low-lying and flood-prone locations.”
“Deeply saddened by the loss of precious lives in the tragic flash floods in Texas, USA,” Sharif wrote on the social media platform X on Saturday night.
“Hope the ongoing rescue efforts will be successful in saving more people from this natural calamity.”
Monsoon rains have wreaked havoc in several parts of Pakistan since June 26, with the country reporting at least 66 deaths and 127 injuries due to rain-related incidents.
A deadly flash flood in the scenic Swat Valley, caused by a sudden rise in water levels due to monsoon rains, killed 13 members of a single tourist family last week.
“Having suffered a similar incident in northwest Pakistan just a few days ago, we can fully understand the pain and suffering of the bereaved families,” Sharif said.
“Our thoughts and prayers are with President Trump @realDonaldTrump and the American nation at this difficult time,” he added.
Flash floods, which occur when the ground is unable to absorb torrential rainfall, are not unusual.
But scientists say that in recent years that human-driven climate change has made extreme weather events such as floods, droughts, and heatwaves more frequent and more intense.
With additional input from AFP
Death toll from Pakistan building collapse rises to 23
- Friday’s incident was the latest in a string of deadly building collapses in Karachi
- It laid bare the issue of unsafe housing in the city, home to over 20 million people
KARACHI: The death toll from a five-story building collapse in the southern Pakistani city of Karachi rose to 23 late Saturday, the Sindh Health Department said after rescuers pulled more bodies from the rubble.
The Fotan Mansion residential building, where several families were said to be living, crumbled around 10 am on Friday in the impoverished Lyari neighborhood of the city.
Rescue workers, along with residents of the area, worked through the night to find survivors and bodies after the incident, which has once again laid bare the issue of unsafe housing in Karachi.
“[Total deaths] from the Karachi building collapse have reached 23 now,” the Sindh Health Department said in a message sent to reporters.
Karachi Mayor Murtaza Wahab said on Saturday morning the rescue operation was still ongoing at the collapse site.
“Rescue operation still continues at Baghdadi Lyari where the building had collapsed yesterday,” Wahab wrote on social media platform X.
Many of the occupants were members of the low-income Hindu minority community and residents estimated that around 40 people were inside when the building collapsed.
According to the Sindh Building Control Authority (SBCA), Fotan Mansion had been declared unsafe three years ago.
“This building was declared dangerous by the SBCA in 2022 and had been served multiple notices over the years,” SBCA spokesperson Shakeel Dogar told Arab News on Saturday.
“Before the recent rains, public announcements were also made in the area, but unfortunately, no one was willing to vacate.”
Friday’s incident is the latest in a string of deadly building collapses in Karachi.
In February 2020, a five-story building collapsed in Rizvia Society, killing at least 27 people. The following month, another residential structure came down in Gulbahar, claiming 16 lives. In June 2021, a three-story building in Malir collapsed, killing four. And just last year, in August, a building collapse in Qur’angi led to at least three deaths.
Mayor Wahab said on Friday evening that rescue efforts remained the city government’s top priority, with accountability and investigation to follow.
“Once we’re done with the rescue aspect, we will focus on who was responsible for this negligence or omission,” he added.
Minister orders probe into killing of barking deer on Islamabad’s Margalla Hills
- The South Asian country has witnessed frequent incidents of violation of wildlife laws
- This week, an escaped pet lion attacked a woman, two children in a busy street in Lahore
ISLAMABAD: Pakistan’s Minister for Climate Change and Environmental Coordination Dr. Musadik Malik has taken notice of the killing of an endangered barking deer on Islamabad’s Margalla Hills and ordered a probe into the incident, the Press Information Department (PID) said on Saturday.
Barking deer, also known as Indian muntjac, are found in isolated populations within Margalla Hills National Park, Khanpur Range and Lathrar near the Pakistani capital of Islamabad. They are considered endangered in Pakistan due to their restricted range and declining population.
A disturbing video circulating on social media this week showed three men slaughtering the rare animal on the roadside and has sparked public anger and calls to investigate the incident.
Climate Change and Environmental Coordination Minister Malik condemned the hunting and killing of wildlife in protected areas, according to a PID statement.
“Such acts of cruelty and disregard for conservation laws are unacceptable and will not be tolerated,” the minister, who has sought a report from authorities on the incident, was quoted as saying.
Separately, the Islamabad Wildlife Management Board (IWMB) said it had filed a complaint with police, seeking action against the ones involved in the incident for violating the Islamabad Nature Conservation and Wildlife Management Act.
“Barking deer is a protected animal under Schedule 1 of the act,” the IWMB said on X. “A request has been made for action under sections 12.4(a) and 16.1(a) of the Nature Act 2024.”
The board said a violation of the relevant section of the law is punishable by a fine of Rs1 million ($3,523) and imprisonment for a term of up to one year.
Pakistan has witnessed frequent incidents of violation of wildlife laws.
An escaped pet lion chased a woman and two children down a busy street in Pakistan’s Lahore, police said Friday, with dramatic footage showing the big cat leaping a wall before pouncing on them. All three were taken to hospital but were not in a critical condition.
Keeping exotic animals, especially big cats, as pets has long been seen as a sign of privilege and power in Punjab, the most populous province of the country.
Police said they had arrested three men.
“The suspects fled from the spot, taking the lion with them. They were arrested within 12 hours of the incident,” the office of the Deputy Inspector General Operations in Lahore said.
The lion, an 11-month-old male, has been confiscated by police and sent to a wildlife park.
Pakistan, UAE agree to boost cooperation in higher education, human resources
- The UAE is home to over 1.5 million Pakistanis who send more than $5 billion in remittances annually
- Both countries resolve to work on initiatives to benefit students, academic institutions and professionals
ISLAMABAD: Pakistan and the United Arab Emirates (UAE) have agreed to strengthen bilateral cooperation in higher education and human resource development, the Pakistani embassy said on Saturday.
The statement came after a meeting between Pakistan’s Ambassador Faisal Niaz Tirmizi and Dr. Abdulrahman bin Abdulmanan Al-Awar, the UAE minister of human resources, higher education and scientific research.
The UAE is home to more than 1.5 million Pakistani expatriates who live and work in the Gulf country and send back more than $5 billion in remittances to the South Asian country annually.
During the meeting, Ambassador Tirmizi highlighted the contributions of the Pakistani community to the UAE’s development and appreciated the Gulf country for fostering an inclusive and enabling environment for expatriates.
“Both sides reviewed ongoing collaboration and explored avenues to further enhance bilateral cooperation in the fields of higher education and human resource development,” the Pakistani embassy said.
“The discussions reflected a shared resolve to work closely on initiatives that benefit students, academic institutions, and professionals from both countries.”
Ambassador Tirmizi reiterated Pakistan’s commitment to strengthening institutional linkages and advancing cooperation in skill development and workforce preparedness.
“Minister Dr. Abdulrahman Al-Awar lauded the longstanding and brotherly relations between the two countries and expressed the UAE’s keen interest in expanding its partnership with Pakistan in mutually beneficial areas,” the Pakistani embassy said.
“He welcomed sustained dialogue and coordination between the relevant authorities of both nations.”
Eight militants killed in separate operations in Pakistan’s Punjab, Khyber Pakhtunkhwa
- The operations were conducted in Lakki Marwat and near Taunsa Sharif on the reported presence of militants
- Pakistan has witnessed a sharp rise in militancy in its western regions bordering Afghanistan in recent months
KARACHI: At least eight militants were killed in two separate operations in Pakistan’s Punjab and Khyber Pakhtunkhwa (KP) provinces, authorities said on Saturday.
In the first incident, officials of the KP counter-terrorism department (CTD) and police conducted a raid in the Lakki Marwat district which resulted in an encounter with militants.
The shootout left three members of the Pakistani Taliban’s Tipu Gul group dead, whereas officials seized three Kalashnikovs and hundreds of rounds from the site, according to a CTD statement.
“These militants were actively engaged in targeted killings and direct assaults against law enforcement personnel, including multiple CTD and district police officials,” the statement read.
In another operation in Punjab, CTD and police personnel gunned down five Pakistani Taliban militants near Taunsa Sharif district, the interior ministry, adding referring to them as “Indian-sponsored terrorists.”
“Punjab police and the CTD thwarted the nefarious motives of Khawarij [Pakistani Taliban] terrorists,” Interior Minister Mohsin Naqvi was quoted as saying. “We will continue to chase the terrorists of Fitna Al-Hindustan everywhere.”
Pakistan has witnessed a sharp rise in violence in its western regions bordering Afghanistan.
On Friday, the Pakistani military said security forces had killed at least 30 “Indian-sponsored” militants while attempting to cross into Pakistan through its border with Afghanistan this week.
Islamabad accuses India of backing militant groups and Afghanistan of allowing the use of its soil for attacks against Pakistan. Kabul and New Delhi deny the allegation.
