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Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan's parched future: bonds to bridge the water funding chasm
As the monsoons arrive, once again, Pakistan is facing a water crisis, shifting from drought-like scenarios to the threat of a flood. The seasonal threat is no longer creeping but ferocious. As seasonal relief in monsoon showers may seem to provide, the bitter truth remains the same: our water security is falling, drop after drop, each passing year. Where once favoured with powerful rivers and glacial flows, present-day Pakistan is a water-scarce nation. Water availability on a head-per-capita basis has crashed down to 800–1,017 cubic meters from 5,260 in 1951. By 2035, we could dip below 500–660 cubic meters, a threshold of pure scarcity, while UNDP predicts extreme scarcity below 500 cubic meters in 2025. This is no future prospect; it is present in the dried-out canals in Punjab, Sindh's saline groundwater, drop in water tables in Balochistan, and failing supply lines in main cities like Karachi and Lahore. But behind the green disaster is the less spoken but no less lethal, twin disaster: the disparity between what we need to pay for water security and what we pay. The cost of inaction Pakistan's water economy is bleeding. Analyst estimates and official sources put inefficiencies, climate-related disasters, and old infrastructure at Rs3-4 trillion every year, about 3–4 percent of GDP. The losses occur due to floods, droughts, inefficient irrigation, and crumbling infrastructure. Agriculture, which accounts for more than 90 percent of usable water, loses on conveyance estimated at between 40–60 percent, endangering both productivity and rural livelihoods. Consider, for example, a rural Punjabi smallholder, Abdul Rehman. During the lean season, his wheat crop shriveled for lack of water as irrigation canals dried up, prompting him to sell livestock to make ends meet. Just as in lower Sindh, Ghulam Mustafa encountered an almost identical ordeal in May-June this year; he was waiting for water to begin kharif planting amidst water scarcity. The Indus reduced significantly by the time it flowed to his distributary because of downstream restrains added to existing upstream problems, slowing down and dwindling the stream. By the time water flowed back, as well, it was in vain, the sowing period was gone and his debts increased. Such incidents are not unique. Along the coasts in Sindh, advancing seawater engulfs arable lands as flows of freshwater fail to trickle down to the delta, making previously fertile patches near Thatta and Sujawal desolate areas. Across central and southern Punjab, numerous Rabi growers watched their wheat crop drought for insufficient final irrigations in February just months before harvesting, owing to paucity of water. Across cities such as Karachi, Lahore, Multan, and Quetta, damaged water infrastructure compelled families to rely on costly and sometimes hazardous tanker supplies. The World Bank warned that unabated disruptions would shave an estimated 6 percent of the GDP until mid-decade, long-term estimates could be 10 percent until 2050, or even 18-20 percent because of broader climate damage. The flood damage in 2022 alone was estimated at Rs3.2 trillion, sweeping away homes, crops, and livelihoods. Yet investment hasn't caught up. Why the gap persists The 2018 National Water Policy (NWP) had set a humble target: 10 percent of the Public Sector Development Programme (PSDP) should be for water in 2019, increasing to 20 percent in 2030. We still aren't achieving even the baseline. Present federal PSDP allocations are around 9.5 percent, national water expenditures, across federal and provincial governments, are a mere Rs380–400 billion in FY2025–26, less than 0.3 percent of GDP. Although mega-projects such as Mohmand Dam (Rs35.7 billion) and Diamer-Bhasha (Rs25 billion) are separately funded, the aggregate amount remains inadequate. Provincial budgets are no different. Punjab allocated Rs38 billion for irrigation, Sindh Rs31 billion, KP Rs25.1 billion, and Balochistan Rs32 billion (inclusive of foreign-aided schemes). The figures are humble for a sector for which provinces are the sole operator for canal operations, water distribution, and urban supply. Much of the gap lies in the larger fiscal constraint in Pakistan: debt servicing accounts for more than 20 percent of the federal budget. With IMF austerity, restricted fiscal space, and increasing rivalry from defense, subsidies, and social protection, long-gestation infrastructure initiatives end up on the casualty list. The federal PSDP for water for the next financial year is down by more than 25 percent to Rs185 billion in FY2024–25. Dams receive Rs63.3 billion, canals Rs39.3 billion—the figures 10–15 percent below previous years in real terms. This reduction threatens to trap us in a vicious cycle of postponed upkeep and exposure. Enter: Pakistan Water Bonds In this dismal fiscal context, one idea offers a way out: Water Bonds. These are structured financial instruments that raise dedicated capital for water-related infrastructure and services, independent of the donor cycle or the vagaries of annual PSDP allocations. They are not untested. In 2021, WAPDA raised USD500 million through a Green Eurobond, oversubscribed six times. More recently, the Parwaaz Green Action Bond raised Rs1 billion with a strong AA–rating, while the federal government's Green Sukuk in May 2025 brought in Rs32 billion, testifying to strong investor appetite. Pakistan's Islamic finance market, which is estimated to hold Rs7 trillion in deposits (close to 20 percent of the banking network), is waiting for innovation. The Water Bonds, in the name of green sukuks, can exploit this resource pool and provide 10–12 percent yields while conforming to ethical investment paradigms. They can be traded on home exchanges and can appeal to pension funds, insurance, and even microfinance institutions. The diaspora dividend Arguably, the most promising and emotionally resonant source of capital lies in the Pakistani diaspora. Remittances totaled USD35 billion in FY2025, and the Roshan Digital Account (RDA) mobilized over USD10 billion in just a few years. Overseas Pakistanis have shown that they are willing to invest if credible, transparent, and purpose-driven instruments exist. Green Diaspora Water Sukuk issued in dollars, pounds, or euros would potentially raise USD250–500 million if only 2–3 percent of RDA investors buy in. Such bonds could fund filtration plants, desalination facilities, rainwater harvesting, and pipeline improvements in the very towns where their loved ones live. Picture a Pakistani doctor in the United States funding a desalination plant back in his hometown in Sindh—it would not only provide him 6–8 percent returns but ensure that future generations also drink clean water. With sovereign backing, ESG reporting, and zakat-associated functionalities, such bonds could blend moral responsibility with financial sense. These diaspora flows could unlock matching contributions from development institutions such as the World Bank, the Islamic Development Bank, or the IFC, much like ADB's recentUSD500 million commitment for water resilience. Making it work: a phased roadmap But it won't happen without a phased, strategic roadmap. A Rs100 billion pilot bond in 2025 would aim for low-hanging fruit: wastewater treatment (national efficiency <1 percent) and flood irrigation and unlined channels (up to 60 percent loss of applied water). In 2026–27, scaling could be Rs 560 billion for storage, urban networks, and flood control. By 2030, an additional Rs400–580 billion could be spent on precision agriculture, desalination, and AI-based metering. These initiatives would need to be aligned with the existing water-sector project in the PSDP, worth Rs424 billion but stalled because not adequately funded. Transparency, not just tranches Naturally, finance alone is not a panacea. Diaspora and private investors need reassurance. Transparency must be ingrained through blockchain-powered audit trails, third-party audits, and exchange listing on the Pakistan Stock Exchange. Volumetric water pricing against cross-subsidies, sovereign guarantees, and municipal-level credit enhancements will be imperative. The Council of Common Interests must be empowered to offer interprovincial oversight and break political impasses. Although Pakistan's credit rating is a concern, Fitch's upgrade in the near term and IMF criteria hold promise. The OECD's Asia Capital Markets Report 2025 points to unprecedented growth in sustainable bonds but cites challenges in new markets such as Pakistan, such as regulatory barriers and investor awareness, underlining the imperative for sound frameworks. A bond for our future Our water shortage is reality. But so is our capacity for innovation. We have capital. We have policy frameworks. What we lack is urgency and vision. Water Bonds provide something beyond dollars. They provide a trustworthy, long-term financing tool to pay for the singular most important determinant of our survival: water. Let's not wait for the next flood, the next drought to teach us lessons we know all too well. The moment to act is today. Let's construct our water future, bond for bond, drop for drop. Copyright Business Recorder, 2025
Malaysia Sun
05-07-2025
- Politics
- Malaysia Sun
Pakistan's brutal crackdown continues- two Baloch youth forcibly disappeared in Hub Chowki, families targeted for years
Balochistan [Pakistan], July 5 (ANI): Paank, the human rights wing of the Baloch National Movement (BNM), has vehemently denounced the recent abduction of two Baloch youths from Hub Chowki, Balochistan, by Pakistani security personnel. A statement from Paank reported that on the night of July 4, Liaquat Mustafa, son of Ghulam Mustafa, and Umar Atta, son of Atta Baloch, both hailing from Mashkai, were taken during separate operations at their residences. Paank indicated that these operations occurred without search warrants or due legal process, with both individuals being escorted to undisclosed locations. The organisation stressed that Liaquat Mustafa's case is particularly heartbreaking, as his father, Ghulam Mustafa, was also forcibly taken on January 15, 2016, and has not been seen since. This event points to a disturbing trend of targeting entire families over the years. In a similar vein, Paank mentioned that Umar Atta had previously experienced enforced disappearance in 2016. After being released, he showed clear signs of severe physical and mental distress. His recent abduction underscores what Paank describes as a 'cruel cycle of impunity and governmental brutality' in Balochistan. 'These kidnappings represent serious violations of human rights and international law,' Paank asserted. The state of Pakistan continues to employ enforced disappearances as a method of oppression against the Baloch population. Paank underscored that these enforced disappearances are part of a calculated strategy to suppress dissent and foster fear within the local community. The organisation called for the immediate and safe return of all four individuals and demanded an end to the collective punishment imposed on Baloch citizens. Additionally, it has urged all the international human rights organisations, the United Nations, and worldwide civil societies to break their silence and take definitive measures against the ongoing violations in Balochistan. 'Enforced disappearances have become a common method of the Pakistani state in Balochistan; we urge the international community to hold Pakistan accountable and to ensure justice for the victims and their families,' Paank remarked. (ANI)
Express Tribune
03-07-2025
- Express Tribune
FIA arrests boat mishap suspect
The Federal Investigation Agency (FIA) Faisalabad circle arrested a land-route agent involved in Moroccan boat incident. According to official sources here Thursday, the accused Ghulam Mustafa, who was declared proclaimed offender in Moroccan boat mishap during the current year. The accused was working as a land route agent since 2023 and he was part of a network being operated by other accused Abdul Ghaffar and Muhammad Sarfraz. They were also in contact with a human smuggler Abu Bakar from Africa. The accused has extorted millions of rupees from Pakistani citizens for sending them to European countries.
Arab News
01-07-2025
- Arab News
Pakistan arrests alleged land route agent linked to deadly Morocco boat tragedy
ISLAMABAD: The Federal Investigation Agency (FIA) on Tuesday announced it had arrested an agent involved in the Morocco boat tragedy, in which dozens of Pakistanis attempting to travel illegally to Europe had drowned near the African country's coast earlier this year. The boat had set off from Mauritania in January with 86 migrants on board, among them 66 Pakistanis, for the Canary Islands administered by Spain, international rights group Walking Borders had said. Moroccan authorities said on January 16 that 36 people were rescued from the vessel, while Pakistan confirmed survivors of the tragedy included 22 of its nationals. Pakistani authorities have launched a crackdown against agents involved in illegally sending impoverished migrants through dangerous sea routes by offering them a chance at a better life in Europe. The FIA said its Faisalabad chapter arrested Ghulam Mustafa, a land route agent who was wanted for his involvement in the Morocco boat tragedy. 'Since 2023, the suspect had been working as a land route agent to send people to Europe via the maritime route through Morocco,' the FIA said in a press release. It said Mustafa was part of the same network of human smugglers Abdul Ghaffar and Muhammad Sarfaraz, who were arrested by the FIA in February, for smuggling the migrants on the same boat that met an accident near Morocco. The FIA said Mustafa, Ghaffar and Sarfraz were in contact with notorious African human smuggler Abubakar. 'The suspects were involved in extorting millions of rupees from Pakistani citizens under the pretext of sending them to Spain,' the statement said. 'They were found to be facilitating the illegal transport of citizens to Spain via sea routes.' A record 10,457 migrants, or 30 people a day, died trying to reach Spain in 2024. Most of them died while attempting to cross the Atlantic route from West African countries such as Mauritania and Senegal to the Canary Islands, according to Walking Borders. In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel sank in international waters off the southwestern Greek town of Pylos, marking one of the deadliest boat disasters ever recorded in the Mediterranean Sea. The Pakistani government has ramped up efforts in recent months to combat human smugglers facilitating dangerous journeys for illegal immigrants to Europe, resulting in several arrests. Prime Minister Shehbaz Sharif has also urged increased collaboration with international agencies like Interpol to ensure swift action against human trafficking networks.
IOL News
19-05-2025
- Politics
- IOL News
Honour killings in Pakistan: Court demands urgent action against growing violence
File photo In a strongly worded ruling, Justice Nisar Ahmed Bhanbhro said honour killings — a form of violence often committed under the guise of defending family honour — were rising at an alarming rate and must be stopped before they lead to "total anarchy." A Pakistani court has raised serious alarm over the growing number of honour killings in the country, calling the practice "uncivilised, barbaric, and abominable". The Sindh High Court (SHC) has urged the state to take immediate and firm action against those responsible, warning that failure to act could push society towards chaos. In a strongly worded ruling, Justice Nisar Ahmed Bhanbhro said honour killings — a form of violence often committed under the guise of defending family honour — were rising at an alarming rate and must be stopped before they lead to "total anarchy." The judge said the killing of women based on suspicion or false accusations has stained society, especially as many victims are denied the chance to defend themselves. The SHC made these observations while rejecting the appeal of Ghulam Mustafa, who had been sentenced to life in prison for murdering his wife in the name of honour in Kashmore in April 2023. The court not only upheld his life sentence but also added 14 years under Section 311 of the Pakistan Penal Code (PPC), classifying the offence as ''Fasad fil Arz'' —a concept in Islamic law referring to acts that spread corruption or mischief in society. The court highlighted that honour killings are often based on flimsy allegations, particularly accusations of illicit relationships, and are frequently used to settle personal disputes or family feuds. 'In many cases, women are killed to target a rival man, and then a local jirga or community meeting gives a pardon to the killer under the excuse of defending family honour,' the judge noted. Justice Bhanbhro stressed that Islamic teachings do not support such killings. 'No school of Islamic thought allows citizens to take the law into their own hands,' he said, adding that the state must protect every citizen's life and liberty and to punish those who violate the law. Pakistan continues to face a significant challenge in curbing honour-based violence. Despite the passage of stricter laws in recent years, including the 2016 Criminal Law (Amendment) Act aimed at closing legal loopholes, implementation has been weak. Many cases go unreported, and social pressures often prevent victims' families from seeking justice. Activists say that honour killings are deeply rooted in patriarchal traditions and a lack of legal accountability. 'Until communities stop seeing honour as something that justifies murder, and until the legal system ensures real punishment, these crimes will continue,' said a Karachi-based human rights advocate. The court emphasised that karo-kari — the local term for honour killings—is not just a cultural issue but a criminal offence. Importantly, the SHC ruled that such cases cannot be settled or pardoned by the family of the victim, particularly when they fall under the category of ''Fasad fil Arz''. 'These crimes affect not only individuals but the entire society,' the court stated. The SHC ruling is seen as a major step in acknowledging the seriousness of honour-based violence and pushing for stronger enforcement of laws. It also serves as a reminder of the broader social and legal challenges Pakistan faces in protecting vulnerable communities, especially women. With courts taking a firmer stance, many hope this could signal a turning point. But without consistent action from law enforcement, lawmakers, and community leaders, the path to eliminating honour killings remains long and uncertain.
