��������

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday Pakistan planned to float Panda Bonds in China’s capital market as he met Premier Li Qiang in Beijing, where the two leaders discussed stronger economic cooperation including the next phase of the multibillion-dollar China–Pakistan Economic Corridor (CPEC).

Panda Bonds are yuan-denominated bonds issued in China by foreign governments or entities. Islamabad plans to issue them to raise financing from Chinese investors and ease pressure on its foreign exchange reserves.

At the same time, Pakistan is pushing for an upgraded phase of CPEC, a flagship project of President Xi Jinping’s Belt and Road Initiative (BRI), which has already poured billions of dollars into Pakistani infrastructure and energy. “CPEC 2.0” is meant to expand beyond roads and power plants into new areas focused on industry, agriculture, digital technology and livelihoods.

Sharif met with the Chinese premier during which he discussed Pakistan’s economic reforms, saying they were yielding promising results while acknowledging China’s support through his country’s prolonged financial hardships.

“While paying rich tribute to China’s impressive transformation under President Xi Jinping’s visionary leadership, the Prime Minister stated that Pakistan wanted to emulate China’s successes and build a stronger and closer Pakistan-China community with a shared future,” said a statement released by Sharif’s office in Islamabad after the meeting.

“He also shared Pakistan’s intent to float Panda Bonds in the Chinese capital market soon,” it added.The statement said both sides agreed to expedite work on the next CPEC phase, including early implementation of the long-delayed Main Line-1 railway upgrade, Karakoram Highway realignment and full operationalization of Gwadar Port.

They also attended a ceremony for signing agreements covering cooperation in CPEC 2.0, science and technology, agriculture, media and information technology.

Sharif highlighted the outcome of a Business-to-Business (B2B) Investment Conference held earlier in the day, attended by more than 300 Pakistani and 500 Chinese companies.

He identified agriculture, mines and minerals, textiles, industry and information technology as priority sectors for new collaboration.

He also thanked Beijing for its “unflinching support” to Pakistan’s territorial integrity, sovereignty and socio-economic development.

The acknowledgment comes months after Pakistan leaned heavily on Chinese military hardware during a brief four-day standoff with India.

Indian officials said Pakistan was fully backed by China in the war, though authorities in Islamabad later insisted their “victory” in that clash was “made in Pakistan.”

Sharif began his China visit over the weekend, attending a summit of the Shanghai Cooperation Organization (SCO) and meeting President Xi. He also watched a massive Victory Day military parade in Tiananmen Square — China’s largest in years — to mark the 80th anniversary of the end of World War II. The display showcased hypersonic missiles, sea drones and laser air defenses in a show of strength that drew world leaders including Russia’s Vladimir Putin.

ISLAMABAD: Pakistan’s disaster management chief in Punjab warned on Thursday that the next 24 hours would be “extremely critical” as floods surged down the Chenab River, threatening the southern city of Multan and dozens of nearby villages after weeks of heavy monsoon rains and dam releases from India.

Punjab, home to half of Pakistan’s 240 million people, is the country’s most populous and agriculturally vital province, often described as its breadbasket. Officials say 46 people have been killed, nearly 3.9 million people affected, 1.8 million displaced, and thousands of villages inundated as the Chenab, Ravi and Sutlej rivers have overflowed since late last month. 

Nationwide, more than 883 people have died in floods, rains and landslides since the monsoon season began in late June, according to the National Disaster Management Authority. The disaster has revived memories of the 2022 deluges, when a third of the country was submerged, 30 million people were displaced and losses exceeded $35 billion.

“This is a critical time for the city and district of Multan,” Punjab Disaster Management Authority (PDMA) Director General Irfan Ali Kathia told reporters at a press conference. 

“The main surge of the Chenab has already reached Head Muhammad Wala at its peak and is now moving downstream.”

Multan, with a population of about 2.6 million, is the largest city in southern Punjab and the region’s economic hub, famous for mango exports, textiles and fertile farmland. 

Kathia said while there was “no danger” yet at Head Muhammad Wala, a barrage point on the Chenab upstream of Multan, the Sher Shah Bridge flood gauge near the city had already reached maximum capacity with only “two to three inches of space” left.

If authorities were forced to operate a breaching section to relieve pressure, he warned, “there are about twenty-seven locations that can be affected by it,” including settlements such as Shershah, Akbarpur and Mirzapur, with 35,000 residents at risk.

Kathia said backwater flows on the Ravi River were worsening the crisis, creating stagnant water in Toba Tek Singh and Khanewal districts. 

“At present, under the backwater effect… there are about two hundred and three villages that have been affected,” he said, adding that more than 1.8 million people and 1.3 million animals had already been evacuated with the help of the Pakistan Army and Rescue 1122.

Relief Commissioner Nabeel Javed said separately in a statement that 46 people had died in Punjab in the latest spell of monsoon rains and floods. He said 410 relief camps, 444 medical camps and 395 veterinary camps had been set up across the province to support those displaced.

RIVER FLOWS AND SINDH THREAT

River flows continued to remain dangerously high on Thursday.

The Chenab was at 217,000 cusecs at Marala, 450,000 at Khanki and 507,000 at Qadirabad, while Chiniot bridge had climbed past 509,000 cusecs and was still rising.

On the Ravi, flows stood at 84,000 cusecs at Jassar and nearly 128,000 at Balloki, both rising. The Sutlej carried 335,000 cusecs at Ganda Singh Wala and 139,500 at Sulemanki, with 169,000 steady at Panjnad. (One cusec equals one cubic foot per second of water flow.)

With reservoirs on both sides of the border near full capacity — Tarbela at 100 percent, Mangla at 87 percent, and India’s Bhakra, Pong and Thein all above 90 percent — officials warned of further downstream pressure in the southern province of Sindh. 

Chief Minister Murad Ali Shah said his province was preparing for a potential “super flood” as inflows from Punjab converged in the coming days.

“Our preparations are complete, and we pray this time passes without major damage,” Shah told reporters, warning that persuading riverine communities to evacuate remained the greatest challenge.