Pakistani top minister says ‘concerned’ about delays in reconstruction efforts after 2022 deadly floods

The picture shared by Pakistani state-run media, APP, on August 15, 2024, shows Pakistan's Minister for Planning and Development Ahsan Iqbal. (APP/File)
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Updated 10 September 2024
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Pakistani top minister says ‘concerned’ about delays in reconstruction efforts after 2022 deadly floods

  • Nearly 350 people killed and 648 injured in rain-related incidents in Pakistan since the monsoon season began in July
  • Pakistan government has not receive most funds out of $9 billion pledged by international community in 2023

ISLAMABAD: Minister for Planning and Development Ahsan Iqbal on Monday expressed concern about delays in reconstruction efforts after the 2022 devastating floods that killed over 1,700 people, as new rains this monsoon season have continued to drench and wreak havoc in areas that had been badly hit by the deluges two years ago.

Pakistan’s National Disaster Management Authority (NDMA) said last week 347 people were killed and 648 injured in rain-related incidents throughout the country since the monsoon season began in July.

“Ahsan Iqbal underscored the need for swift and efficient implementation of projects to rebuild affected communities and restore livelihoods,” Radio Pakistan reported on the minister’s comments as he presided over the 4th meeting of the Policy and Strategy Committee and the Oversight Board on Post-Flood Reconstruction Activities in Islamabad.

“While discussing the Integrated Flood Resilience and Adaptation Project, the Minister expressed concerns about the delays in flood reconstruction efforts in [southwestern] Balochistan [province].”

The $400 million Integrated Flood Resilience and Adaptation Project aims to assist approximately 35,100 Balochistan homeowners with housing reconstruction grants to rebuild their homes according to resilience standards. It will also provide livelihood grants to smallholder farmers to support livestock, promote climate-smart agriculture, and enhance other productive activities. The project also focuses on restoring essential services by rehabilitating damaged community infrastructure and facilities, including water supply, irrigation, roads, and other community amenities.

Last week, Save the Children said people affected by floods this monsoon season were living in a relief camp in Sanghar, a district in the southern Sindh province, which was massively hit by floods two years ago.

“The rains and floods have destroyed 80 percent of cotton crops in Sanghar, the primary source of income for farmers, and killed hundreds of livestock,” the charity said.

Another charity, UK-based Islamic Relief, also said weeks of torrential rains in Pakistan have once again triggered displacement and suffering among communities that were already devastated by the 2022 floods and were still in the process of rebuilding their lives and livelihoods.

Pakistan has yet to undertake major reconstruction work because the government didn’t receive most of the funds out of the $9 billion that were pledged by the international community at last year’s donors’ conference in Geneva.

Experts say Pakistan is still not prepared to handle any 2022-like situation mainly because people ignore construction laws while building homes and even hotels in the urban and rural areas.

– With inputs from AP


Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

Updated 05 December 2025
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Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

  • Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.

The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.

Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.

“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement. 

“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”

Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.

Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.

Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said. 

Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.

Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.

In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.