Aircraft relocation ordered in Karachi amid cyclone warning as monsoon claims 285 lives in Pakistan

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An undated file photo of a PIA aircraft at runway during rainy weather at the Karachi Airport. (Photo courtesy: Pakistan Today)
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A woman holds an umbrella as she walks past Seaview Beach, amid rainfall in Karachi on August 29, 2024. (AFP)
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Updated 31 August 2024
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Aircraft relocation ordered in Karachi amid cyclone warning as monsoon claims 285 lives in Pakistan

  • Authorities say heavy rains may inundate low-lying areas, as sea conditions likely to remain rough
  • Heavy rainfall triggered flash floods in metropolitan city causing power outages and school closures

KARACHI: The airport authorities in Pakistan’s seaside metropolis of Karachi on Saturday directed to relocate all aircraft at the Jinnah International Airport amid cyclonic warning, as different parts of the country are being lashed by heavy monsoon rains that have claimed 285 lives since the season began in July.

Earlier in the day, the Pakistan Meteorological Department (PMD) said cyclonic storm ASNA, brewing in the Arabian Sea, had moved westward.

The weather system, which developed over India’s Rann of Kutch coast, resulted in a deep depression that intensified into the cyclonic storm on Friday. The PMD said it was located about 200 kilometers southwest of Karachi and was likely to keep moving west-southwestwards.

“Airlines, ground handling and aviation companies operating in the general aviation area at the airport have been instructed to remain on full alert,” said an official statement by the airport authority. “Due to the stormy rains in Karachi, aircraft have been instructed to be parked in safe locations.”

“All aviation companies are advised to protect all their assets,” it added. “Stormy rains are expected to continue for the next few days.”

Pakistan has already been witnessing monsoon rains since the beginning in July, which, according to the National Disaster Management Authority, have claimed 29 lives in Balochistan, 88 in Khyber Pakhtunkhwa, 106 in Punjab, 50 in Sindh, four in Gilgit Baltistan and eight in Azad Jammu Kashmir.

No loss of lives has been reported in the capital city, Islamabad, so far.

The PMD alert during the day predicted that heavy rains could inundate low-lying areas of the Makran coast with sea conditions likely to remain rough.

The PMD also advised fishermen in Sindh and Balochistan provinces not to venture into the sea on Saturday.

“PMD cyclone warning center in Karachi is closely monitoring the system and will issue the update accordingly,” it added.

Heavy rains triggered flash floods in Karachi on Friday, causing power outages and closure of schools in the city.

Pakistan is recognized as one of the world’s most vulnerable countries to the effects of climate change. This year, the South Asian country recorded its “wettest April since 1961,” with 59.3 millimeters of rainfall, while some areas of the country faced deadly heat waves in May and June.

In 2022, unusually heavy rains triggered floods in many parts of the country, killing over 1,700 people, inflicting economic losses of around $30 billion, and affecting at least 30 million people.


Pakistan targets January launch of first-ever Panda bond

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Pakistan targets January launch of first-ever Panda bond

  • $1 billion yuan bond program to diversify funding, ease external financing pressures
  • Inaugural $250m tranche planned pending Chinese regulatory approvals

KARACHI: Pakistan is aiming to launch its first-ever Panda bond — a yuan-denominated bond issued in China’s domestic market — in January, as the government looks to diversify external funding sources and strengthen debt sustainability under ongoing economic reforms, the finance ministry said on Friday.

The planned issuance would mark Pakistan’s debut in China’s onshore bond market and comes as Islamabad seeks alternatives to dollar-denominated borrowing amid tight global financial conditions and continued reliance on multilateral support.

Panda bonds are renminbi-denominated instruments sold to Chinese investors by foreign governments or companies, offering issuers access to China’s deep domestic capital markets while reducing exposure to foreign-exchange volatility.

“The Panda Bond program is being pursued as a structured and programmatic financing strategy, aligned with prudent debt management objectives,” the finance ministry said in a statement after Finance Minister Muhammad Aurangzeb chaired a review meeting on the planned issuance.

The ministry said Pakistan envisages a Panda bond program of around $1 billion, with an inaugural tranche equivalent to $250 million, subject to final regulatory approvals from Chinese authorities expected by early January. It added that preparatory work for subsequent issuances under a second phase of the program has already begun.

According to the statement, approvals from multilateral partners have been secured and engagement with Chinese institutional investors has so far been “constructive,” reflecting confidence in Pakistan’s macroeconomic stabilization efforts and reform framework. Pricing will be finalized closer to market engagement once regulatory requirements are completed.

Pakistan is operating under a $7 billion, 37-month bailout program with the International Monetary Fund that requires fiscal consolidation, stronger tax collection and structural reforms across energy, state-owned enterprises and the investment climate. The country has faced elevated borrowing costs in international markets in recent years, prompting the government to explore alternative and market-based financing channels, including yuan-denominated instruments.

The finance ministry said the Panda bond would support Pakistan’s medium-term debt sustainability goals by broadening the investor base and reducing reliance on traditional external borrowing sources.