ISLAMABAD: Pakistan has installed the country’s first-ever artificial reefs off the coast of Balochistan province with an aim to generate at least $1 million annually through sustainable fishing and tourism besides ensuring marine biodiversity in the area, a top government official said on Tuesday.
The government this week deployed as many as 330 modular blocks of artificial reefs, with each block weighing 1.5 tons, in an area of four square nautical miles west of Jiwani town at Gwatar bay — a potential site for trans-boundary marine protected area between Pakistan and Iran — with a total cost of about $0.3 million.
An artificial reef is primarily an underwater manmade structure to promote marine life in areas with a featureless bottom to control erosion, block the use of trawling nets, and help visitors enjoy marine biodiversity. The deployment of decommissioned vessels and other available wrecks to serve as artificial reefs is a common practice in many coastal countries including the United States, Australia, Malta and New Zealand.
“These reefs will help local fishermen get access to a diverse fish stock near the coast and boost their income manifold, besides saving their time and fuel for the catch,” Ahmad Nadeem, director fisheries department in the government of Balochistan, told Arab News.
He said the project would create new job opportunities for the 40,000-strong local fishing community, attract investment and help develop tourism.
“The reefs will become a special habitat, breeding ground and shelter for marine life, including fish, in another four to five months,” Nadeem said, adding they were planning to replicate the project in other areas along the coast of Balochistan.
Pakistan’s coastline extends 1,100 kilometers from India to Iran with an Exclusive Economic Zone of 240,000 square kilometers. The total maritime zone of the South Asian nation is over 30 percent of the land area and includes some “very productive areas,” with rich fisheries and mineral resources, according to the Food and Agriculture Organization of the United Nations.
The country’s exports of fish and fishery products are currently valued to be around $500 million per annum while experts believe that it could be well over $1 billion with sustainable fishing and new export markets.
The WWF-Pakistan, which was consulted during the planning, design and site selection of artificial reefs, views the initiative as the beginning to a new era of biodiversity conservation that will help increase the production of commercially important fish and shellfish in Pakistani waters.
“The reefs will help reduce poaching by unauthorized trawlers in the Gwatar Bay,” Muhammad Moazzam Khan, technical adviser at the WWF-Pakistan, said. “It has rich fauna on rocky shores and is a natural abode of Indo-Pacific humpback dolphins, bottlenose dolphins and finless porpoises.”
Pakistan installs first artificial reefs in hopes of lifting fishing, tourism
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Pakistan installs first artificial reefs in hopes of lifting fishing, tourism
- Aims to generate at least $1 million annually through sustainable fishing and tourism besides ensuring marine biodiversity
- Balochistan government deployed the reefs near Jiwani to boost the income of 40,000-strong local fishing community
IMF board to approve Pakistan reviews today ‘if all goes well,’ say officials
- IMF’s executive board is scheduled to meet today to discuss the disbursement of $1.2 billion
- Economists say the money will boost Pakistan’s forex reserves, send positive signals to investors
KARACHI: The International Monetary Fund’s (IMF) executive board is scheduled to meet today, Monday, to approve the release of about $1.2 billion for Pakistan under the lender’s two loan facilities, said IMF officials who requested not to be named.
The IMF officials confirmed the executive board was going to decide on the Fund’s second review under the $7 billion Extended Fund Facility (EFF) and first review under the $1.4 billion Resilience and Sustainability Facility (RSF), a financing tool that provides long-term, low-cost loans to help countries address climate risks.
“The board meeting will be taking place as planned,” an IMF official told Arab News.
“The board is on today yes as per the calendar,” said another.
A well-placed official at Pakistan’s finance ministry also confirmed the board meeting was scheduled today to discuss the next tranche for Pakistan.
The IMF executive board’s meeting comes nearly two months after a staff-level agreement (SLA) was signed between the two sides in October.
Procedurally, the SLAs are subject to approval by the executive board, though it is largely viewed as a formality.
“If all goes well, the reviews should pass,” said the second IMF official.
On approval, Pakistan will have access to about $1 billion under the EFF and about $200 million under the RSF, the IMF said in a statement in October after the SLA.
The fresh transfer will bring total disbursements under the two arrangements to about $3.3 billion, it added.
Experts see smooth sailing for Pakistan in terms of the passing of the two reviews, saying the IMF disbursements will help the cash-strapped nation to strengthen its balance of payments position.
Samiullah Tariq, group head of research at Pakistan Kuwait Investment Company Limited, said the IMF board’s approval will show that Pakistan’s economy is on the right path.
“It obviously will help strengthen [the country’s] external sector, the balance of payments,” he told Arab News.
Until recently, Pakistan grappled with a macroeconomic crisis that drained its financial resources and triggered a balance of payments crisis.
Pakistan has reported financial gains since 2022, recording current account surpluses and taming inflation that touched unprecedented levels in mid-2023.
Economists also viewed the IMF’s bailout packages as crucial for cash-strapped Pakistan, which has relied heavily on financing from bilateral partners such as Saudi Arabia, China and the United Arab Emirates, as well as multilateral lenders.
Saudi Arabia, through the Saudi Fund for Development, last week extended the term of its $3 billion deposit for another year to help Pakistan boost its foreign exchange reserves, which stood at $14.5 billion as of November 28, according to State Bank of Pakistan statements.
“In our view this [IMF tranche] will be approved,” said Shankar Talreja, head of research at Karachi-based brokerage Topline Securities Limited.
“This will help strengthen reserves and will eventually help a rating upgrade going forward,” he said.
The IMF board’s nod, Talreja said, would also send a signal to the international and local investors regarding the continuation of the reform agenda by Pakistan’s government.
