This paper is part of a cross-country study on corporate governance in Asia. A consensus has yet to be reached about exactly what factors were behind the crisis of 1998 and how these factors interacted in bringing about the crisis.

Regional disparities within and among Chinese provinces have declined, but are still a serious problem.

South Asian private sector participation in infrastructure development is examined, and recommendations are made for future development.

This paper examines the role of finance in development in the light of the experience of Township and Village Enterprises in the People's Republic of China.

This paper analyses economic and social indicators across provinces in the People's Republic of China.

A suspect who was allegedly involved in the 2023 blast at Peshawar Police Lines mosque, that claimed 84 lives, was arrested a day earlier and has been identified as police constable Muhammad Wali, the Khyber Pakhtunkhwa Inspector General of Police (IG) Akhtar Hayat Khan Gandapur revealed in a press briefing on Tuesday.

On Jan 30, 2023, a powerful explosion ripped through a mosque in Peshawar’s Red Zone area where between 300 and 400 people — mostly police officers — had gathered for prayers.

The banned Tehreek-i-Taliban Pakistan (TTP) had claimed responsibility for the attack. It later distanced itself from the blast but sources earlier indicated that it might have been the handiwork of some local faction of the outlawed group.

Addressing the press conference in Peshawar today, IG Gandapur said the “remaining missing link” was related to who had facilitated Qari, the alleged suicide bomber.

“As a result of that effort, […] we arrested this person along with two suicide jackets from near Jameel Chowk on Peshawar’s Ring Road on 11/11, meaning yesterday,” the IG stated, referring to the facilitator.

“Based on the interrogation, it was deduced that the facilitator was our own policeman,” who he identified as Muhammad Wali.

“The suspect operated in line with the order of the banned organisation Jamaatul Ahrar and has received Rs200,000 through the hundi-hawala system,” KP IG said, adding that the policeman also received Rs40,000 to Rs50,000 from the banned group per month.

“He received Rs200,000 which cost the lives of hundreds of people who were martyred. He sold his [own] brothers for this,” the IG added.

The top cop further revealed that the suspect dropped off the suicide bomber at the Pir Zakori bridge.

“After the blast occurred, he contacted his handler named Junaid and informed him about the success of the operation via Telegram,” he stated.

While the police already knew that Jamaatul Ahrar was involved in the blast, the suspect was the “missing link” who acted as a local facilitator.

The police inspector general said that Muhammad Wali was also involved in other incidents.

In Feb 2024, the suspect handed a pistol to a person from Jamaatul Ahrar named Saifullah in Lahore to target a member of the Ahmadiyya community, the KP IG said.

He targeted a priest at Peshawar’s Jameel Chowk in Jan 2022, he added.

According to Gandapur, social media played a key role in such incidents, adding that “Fitna al Khawarij and other extremist organisations use social media to brainwash and radicalise people”.

In July, the government, through an official notification, designated the TTP as Fitna al Khawarij, while mandating all institutions to use the term khariji (outcast) when referring to the perpetrators of terrorist attacks on Pakistan.

Then-KP IG Moazzam Jah Ansari had said in February last year that the suicide bomber was “clad in a police uniform”. He had said that technical evidence and information collected suggested that the blast was the work of TTP’s Jamaatul Ahrar faction.

In March 2023, the KP Counter-Terrorism Department (CTD) said the mastermind and the handler of the suicide bomber had been traced, stating that both of them were Afghan nationals.

Then-CTD chief Shaukat Abbas said the suicide bomber was identified only by his alias “Qari” and his handler was identified as Ghaffar aka Salma. He had further confirmed that the attack was carried out by Jamaatul Ahrar.

Prime Minister Shehbaz Sharif on Tuesday said that debt cannot become the “acceptable new normal” in climate financing, as he addressed the challenges faced by developing countries within the global climate finance framework.

His statement came during a Climate Finance Round Table Conference organised by Pakistan on the sidelines of the two-day World Leaders Climate Action Summit, also known as COP29, currently being held in Azerbaijan’s capital of Baku.

“We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations,” PM Shehbaz said.

He explained that financing in the form of loans increases the debt of developing nations and pushes them towards “mounting debt traps” which he referred to as “death traps”.

He added, “Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enabling countries to fund climate initiatives.”

“Despite years of promises and commitments, the gaps are growing, leading to aggregate barriers in achieving objectives of the UN Framework Convention on Climate Change (UNFCCC).”

PM Shehbaz called climate financing an “urgent need of the hour”, stating that developing countries need to deliver Nationally Determined Contributions (NDCs) and “need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs.”

The prime minister further urged donor countries to “fulfil their commitment” which is 4.7 per cent of their gross national product (GNP) and capitalise on existing climate funds.

“One such commitment is a $100bn annual climate pledge established a decade ago at COP15 [which] is now reported by OECD to have reached only $160bn,” he said.

PM Shehbaz said that Pakistan can relate to the “agony and pain of other vulnerable countries”, highlighting how the country faced two devastating floods.

“In 2022, one-third of Pakistan was under water and the country had to repurpose all development and climate funds for financing basic relief and humanitarian efforts,” he said.

Pakistan is ranked among the top 10 most climate-vulnerable countries, according to the Global Climate Risk Index 2021. It has faced increasingly frequent and severe weather events, such as unprecedented floods, intense monsoon rains, devastating heat waves, rapid glacial melting and glacial lake outburst floods.

Pakistan witnessed devastating floods during the 2022 monsoon season, induced by climate change, resulting in the loss of at least 1,700 lives.

With 33 million people affected and swathes of agricultural land washed away, the damage incurred losses worth $30 billion, according to government estimates.

In June 2024, a heat wave brought record-high temperatures, severely impacting public health and agriculture.

While emphasising transparency and coordination in financial commitments made to developing countries, he stated that Pakistan alongside other developing countries, calls for stronger more equitable climate finance mechanisms under the UNFCCC.

He reiterated the pertinent need for reform of international financial architecture saying that “now is the time to build up on the momentum for international financial reforms” so that no nation is left behind in the global response to climate change.

PM to highlight ‘balanced and ambitious’ climate action

According to the Foreign Office, several high-level events and roundtable discussions hosted by Pakistan will also take place at the Pakistan Pavilion during COP29.

It added that at COP29, Pakistan will call for “balanced and ambitious progress on all issues such as loss and damage, adaptation, mitigation and means of implementation”.

“It will seek predictable financing to address developing countries’ climate goals. Pakistan will also underscore the historical responsibility and the principle of Equity and Common but Differentiated Responsibility and call on developed nations to undertake deeper emission cuts.”

PM Shehbaz was warmly received by Azerbaijan President Ilham Aliyev and UN Secretary-General António Guterres upon his arrival at the summit venue today, state-run Radio Pakistan reported.

The first day of the Climate Action Summit will feature statements from various heads of states, beginning from 3pm Pakistan time.

Speakers include the United Kingdom’s PM Keir Starmer, Saudi Arabia’s Crown Prince Mohammed bin Salman, Turkiye President Recep Tayyip Erdoğan and Ukraine President Volodymyr Zelenskyy.

Among those scheduled to address the high-level meeting tomorrow, besides PM Shehbaz, are Bangladesh leader Muhammad Yunus and Russia’s PM Mikhail Mishustin.

PM Shehbaz is listed as the 37th speaker out of 47 leaders during the session scheduled from 10am to 6pm (Pakistan time).

The prime minister will also participate in a high-level event ‘Glaciers 2025: Actions for Glaciers’ organised by Tajikistan President Emomali Rahmon on the protection of glaciers.

PM Shehbaz will also hold separate meetings with the prime ministers of Denmark and the Czech Republic, who are also attending COP-29, Radio Pakistan stated.

PM meets world leaders

On the sidelines of COP29, PM Shehbaz interacted with UAE President Sheikh Mohammed bin Zayed Al Nahyan and discussed cooperation on climate change and matters of mutual interest, Radio Pakistan reported.

The premier also met with PM Starmer, where the two discussed enhancing Pakistan-UK cooperation.

He also met with Turkish President Recep Tayyip Erdogan and his wife Emine Erdogan, where they discussed environmental pollution as well as matters of mutual interest between the two friendly nations, the report added.

In his interactions with Nepal’s President Ramchandra Paudel and Bangladesh’s Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.

Kazakhstan President Kassym-Jomart Tokayev and PM Shehbaz explored strengthening bilateral relations as well as expanding regional connectivity.

In his meetings with Uzbekistan President Shavkat Mirziyoyev and Tajikistan’s Rahmon, the leaders spoke about the conservation of glaciers and water resources in Central Asian countries and Pakistan.

They also exchanged views on expanding communication links among Pakistan, Tajikistan and Uzbekistan, Radio Pakistan highlighted.

World leaders meet for climate talks, but big names missing

Dozens of world leaders convene in Azerbaijan for COP29 but many big names are skipping the UN climate talks where the impact of Donald Trump’s election victory is keenly felt.

UK’s Starmer will unveil an “ambitious” update to the UK’s climate goals later today, and said he wanted his country “to show leadership on the climate challenge.”

Joe Biden, Xi Jinping, Narendra Modi and Emmanuel Macron are among G20 leaders missing the event, where uncertainty over future US unity on climate action hung over the opening day.

“It’s not an ideal situation,” acknowledged Steven Guilbeault, Canada’s environment minister. “But in 30 years of COP, it’s not the first time that we’ve faced obstacles,” he told AFP.

“Certainly, everything is still possible.”

Washington’s top climate envoy John Podesta is seeking to reassure countries in Baku that Trump’s re-election will not end US efforts on global warming, even if the issue will be “on the back burner”.

But despite calls for global cooperation, the opening day got off to a rocky start, with feuds over the official agenda delaying by hours the start of formal proceedings in the stadium venue near the Caspian Sea.

“This will be a tough COP,” said Fernanda Carvalho, global climate and energy policy lead at WWF.

“Countries are divided. There is a lack of trust,” she told AFP, and divisions over climate finance “will be reflected in every room of those negotiations.”

• At COP29 leaders’ summit, Shehbaz Sharif reminds West of broken promises, calls for overhaul of global climate financing framework
• Links humanity’s survival with health of glaciers, says Pakistan ready to work with world for their protection
• Meets British, Danish, Turkish, Central Asian leaders among others on sidelines of climate summit

BAKU: Prime Minister Shehbaz Sharif on Tues­day said that debt cannot become the “acceptable new normal” in climate financing, as he addressed the challenges faced by developing countries within the global climate finance framework.

“We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations,” he told a Climate Finance Round Table Conference organised by Pakistan on the sidelines of the two-day World Leaders Climate Action Summit.

He explained that finan­c­ing in the form of loans increases the debt of developing nations and pushes them towards “mounting debt traps” which he ref­erred to as “death traps”.

“Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enabling countries to fund climate initiatives,” the PM said.

“Despite years of promises and commitments, the gaps are growing, leading to aggregate barriers in achieving objectives of the UN Framework Convention on Climate Change (UNFCCC).”

Pakistan is ranked among the top 10 most climate-vulnerable countr­ies, according to the Glo­bal Climate Risk Index 2021. It has faced increasingly frequent and severe weather events, such as unprecedented floods, int­ense monsoon rains, devastating heat waves, rapid glacial melting and glacial lake outburst floods.

Calling climate financing an “urgent need of the hour”, PM Shehbaz said that developing countries need to deliver Nationally Determined Contribu­ti­ons (NDCs) and “need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs”.

He further urged donor countries to “fulfil their commitment”, which is 4.7 per cent of their gross nat­io­nal product and capitalise on existing climate funds.

The PM said that Pakis­tan can relate to the “agony and pain of other vulnerable countries”, highlighting how the country faced two devastating floods.

While emphasising tra­n­sparency and coordination in financial commitments made to developing countries, he stated that Pakistan alongside other developing countries, calls for stronger more equitable climate finance mechanisms under the UNFCCC.

He reiterated the pertinent need for reform of international financial architecture saying that “now is the time to build up on the momentum for international financial reforms” so that no nation is left behind in the global response to climate change.

Call to protect glaciers

In remarks delivered later at an event on glaciers, the PM linked the survival of mankind with the health of glaciers, adding that Pakistan, as one of the most affected country, was ready to work with the international community to protect these valuable natural resources.

Addressing Glaciers 2025; Actions for Glaciers, hosted by Tajik President Emamoli Rahmon, the prime minister called upon all the countries to unite in the efforts of protecting glaciers from pollution and snow melt by taking concrete and decisive actions to secure the future of glaciers as well as protect the mankind.

He said Pakistan was home to 7,000 glaciers which provided an approximately 60 to 70 per cent water for the Indus River flow, supporting 90pc of agriculture and serving its 200 million people.

However, the glaciers that provide water for this river have been shrinking over a period of time and at an alarming time, which is estimated at about 23pc decrease since 1960, he added.

The prime minister said this retreat was driven by rising temperatures and the consequences of these changes were glaringly visible.

He shared that accelerated glacial melt had led to the formation of more than 3,000 glacial lakes in the northern areas of Pakistan which were posing great threat. Out of these, he said, about 33 lakes were estimated at the risk of outburst flooding, putting lives of over 7 million people in danger.

Meetings with world leaders

On the sidelines of COP29, PM Shehbaz interacted with UAE President Sheikh Moha­m­med bin Zayed Al Nahyan and discussed cooperation on climate change.

Mr Sharif also met with UK PM Sir Keir Starmer, where the two leaders discussed enhan­c­­i­ng bilateral ties.

He also met with Turkish President Recep Tayyip Erdogan and his wife Emine Erdogan, where they discussed environmental pollution as well as matters of mutual interest between the two friendly nations, the report added.

PM Shehbaz also met with the Czech PM Petr Fiala and Danish PM Mette Frederiksen and stressed the need to enhance bilateral cooperation as well as build global consensus on the key climate change priorities.

In his interactions with Nepal’s President Ramchandra Paudel and Bangladesh’s Muhammad Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.

Kazakhstan President Kassym-Jomart Tokayev and PM Shehbaz explored strengthening bilateral relations. In his meetings with Uzbek President Shavkat Mirziyoyev and Tajikistan’s Rahmon, the leaders spoke about the conservation of glaciers and water resources in Central Asian countries and Pakistan.

With input from APP

Published in Dawn, November 13th, 2024

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This brochure explores the 30-year partnership between the Asian Development Bank and the Kyrgyz Republic, sharing highlights from key sectors.

The proposed TA will promote sustainable forest development for Papua New Guinea by (i) leveraging the effective management of existing Protected Areas and its expansion, (ii) promote low-emission loggings and timber legality standards for sustainable forest harvest, (iii) facilitate downstream processing and access to international market for timber and non-timber products, and (iv) exploring and piloting eco-tourism linked to a sustainable financing model for biodiversity and forest conservation.

This brief shows how mainstreaming blue finance hinges on developing a solid regulatory framework that drives investment toward bankable marine-based projects and analyzes how to expand the sector in the People’s Republic of China (PRC).

This edition of the ASEAN+3 Bond Market Guide series focuses on updates in the Republic of Korea’s (ROK) market since the publication of the previous guide for the ROK in 2018.

This report emphasizes that open and fair trade is essential for Asia and the Pacific’s transition to low-carbon economies and outlines the important role of Aid for Trade in this transition.

This paper examines how booms and busts in peer-to-peer (P2P) lending in the People’s Republic of China (PRC) affect monetary policy transmission to inflation and output.

The project will support increased contributions of clean energy in Mongolia's energy mix while also supporting energy security, efficiency, and resilience. The project will finance the construction of a new 220 kilovolt (kV) transmission line to connect to the 90-megawatt (MW) Erdeneburen hydropower plant (HPP) to the existing grid network, which will increase supply in the Western Energy System (WES), eliminate costly and high-emission imports from the Russian Federation, and facilitate maximized utilization of wind and solar generating capacity.

The TA will focus on evaluating the wind potential of various site/s for government investment in wind energy. A feasibility analysis of viable wind sites will be carried out, which will inform the government on the scale of wind projects and how best to develop this potential. The TA will also fund the equipment for measuring wind speeds and directions to confirm site selection and build capacity for wind energy development in the EA.

The Sustainable Urban Transport Project aims to support Perum DAMRI (DAMRI), the state-owned bus operator, in replacing its aging fleet of internal combustion engine (ICE) buses with battery electric buses (BEBs), and in improving the quality and resilience of its public transport facilities and services. The project is aligned with the following impact: Acceleration of electric vehicle deployment to increase energy conservation in the transportation sector, improve air quality, and reduce greenhouse gas emissions (Presidential Regulation No.

An estimate of annual bird fatalities due to building collisions in the US brings the figure to more than 1 billion – it is the first to include deaths from injuries after the strike