Australian, Canadian climbers die on Pakistan’s K2 

Quebec mountaineer Dr. Richard Cartier, on the far right, is seen with fellow climbers on K2, Pakistan, on July 17, 2022. (Justin Dubé-Fahmy/Facebook)
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Updated 29 July 2022
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Australian, Canadian climbers die on Pakistan’s K2 

  • Karrar Haidri, the deputy chief of the Pakistan Alpine Club, confirmed deaths of Eakin and Cartier 
  • K2, on the Chinese-Pakistani border in the Karakorum Range, has one of the deadliest records 

ISLAMABAD: An Australian and a Canadian mountain climber died last week in northern Pakistan while attempting to scale K2, the world’s second-highest mountain, officials from the two countries said Thursday.

The death of Matthew Eakin was announced by the Australian Department of Foreign Affairs and Trade, which expressed its “condolences to his family and friends.” His body was found through drone video on Thursday.

Canada’s foreign affairs department said in a statement that it was aware of the death of a Canadian in Pakistan. It provided no further details, citing privacy reasons and only saying that officials were “providing consular assistance to the family.”

Earlier, a Pakistani mountaineering official and the Canadian Press said the body of Richard Cartier, who went missing in a separate incident on the same mountain on July 19, had finally also been spotted by a search team on K2. Cartier was 60 and an experienced climber.

K2, on the Chinese-Pakistani border in the Karakorum Range, has one of the deadliest records, with most climbers dying on the descent, where the slightest mistake can trigger an avalanche and become fatal. Only a few hundred have successfully reached its summit. In contrast, Mount Everest, the world’s highest mountain, has been summited more than 9,000 times.

Eakin’s devastated friends posted tributes on social media to honor him, saying his death was a huge loss to the mountaineering community. One friend, Felicity Symons, said about their 23 years of friendship: “I will always see your smile in the clouds. Rest easy my dear friend on the mountains you loved.”

Karrar Haidri, the deputy chief of the Pakistan Alpine Club, which coordinates search and rescue missions with Pakistan’s government and military, confirmed the deaths of Eakin and Cartier.

“We extend our condolences to the friends and family members of the Australian and Canadian climbers who died on K2,” Haidri told The Associated Press.

Also last week, a third climber, Ali Akbar Sakki from Afghanistan, died on K2. Sakki suffered a heart attack while trying to scale the summit, Haidri said.

The Canadian Embassy in Islamabad did not immediately respond to a request for comment.

The Dawn, one of Pakistan’s English-language newspapers, reported earlier this week that the two climbers had been spotted between Camp 1 and Camp 2 on K2 after they both went missing on July 19 in separate incidents.

K2 is also among the coldest and windiest of climbs. At places along the route, climbers must navigate nearly sheer rock faces rising 80 degrees, while avoiding frequent and unpredictable avalanches. 


Majority market participants expect no rate change ahead of Dec. 15 Pakistan policy meeting – survey

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Majority market participants expect no rate change ahead of Dec. 15 Pakistan policy meeting – survey

  • Topline survey finds 70% expect State Bank to hold interest rate at 11%
  • Analysis cites flood-driven inflation risk, rising imports as key reasons for caution

ISLAMABAD: Most financial market participants expect Pakistan’s central bank to keep its benchmark interest rate unchanged at 11% when it meets on December 15, according to a new survey by brokerage Topline Securities.

Pakistan’s State Bank has held rates steady since May and maintained the same stance in October, its fourth consecutive pause, after recent floods had a milder-than-expected impact on crops and inflation. The central bank said earlier that the effects of previous interest rate cuts were still filtering through the economy, meaning businesses and consumers were still adjusting to cheaper borrowing. Because of that, the bank felt it was better to keep policy steady for now instead of cutting rates again.

The latest Topline poll reflects that sentiment, with investors largely expecting the bank to hold until inflation pressures ease more decisively. Pakistan has reduced rates sharply over the past 18 months — from a peak of 22% in 2024 to 11% at present — but policymakers have warned that price risks could rise again as imports pick up and agriculture recovers.

Topline said 70% of market participants expect no change, while 30% foresee a cut of 25–100 basis points. No respondents expect an increase despite one member of the SBP board having voted for a rate hike during the September meeting, according to published minutes.

“Continuation of status quo opinion in majority of the participants is driven by floods, higher inflation expected in the second half of FY26, and base effects,” Topline said in its note summarizing the poll.

The brokerage added that lowering rates too soon could encourage non-oil imports at a time when Pakistan is trying to consolidate gains in foreign exchange reserves and keep the balance of payments stable. Price pressure is expected to sit above the central bank’s medium-term 5–7% target range for several months before easing next fiscal year.

Yields in the secondary market also point to stability. Six-month treasury bills are trading near 10.97%, almost unchanged since October, while the six-month interbank benchmark stands at 11.16%.

Pakistan raised its GDP outlook in October to the upper half of its 3.25–4.25% projection range for fiscal year 2026, citing better crop output and improvements in industrial demand. 

The central bank expects reserves to rise to around $15.5 billion by the end of 2025 and close to $17.8 billion by June 2026, assuming planned inflows materialize.