Arsalan Ali

Devastating floods triggered by the unprecedented monsoon rains and melting glaciers played havoc with the agriculture and livestock sectors. Imports of agri products strained the foreign reserves and adversely affected trade balances. The debilitating impacts of these factors on the economy can be weakened through a better planning, reports WealthPK. Dr. Iftikhar Ahmed, an environmental expert at the Pakistan Institute of Development Economics, told WealthPK that flash floods destroyed standing crops over vast stretches of land and livestock. He said imports of agri products to meet the domestic demand had strained the foreign reserves and impacted the trade balance.

Agriculture sector contributes 22% of GDP and provides employment opportunities to millions of people. The widespread devastation would cause unemployment and food security issues. Agricultural exports from Pakistan would also be seriously affected by the floods. Iftikhar said due to the rising temperatures earlier this year, many of the glaciers were melting rapidly, triggering flash floods. Flooding is occurring in the country due to torrential rains, and melting glaciers are also contributing to the devastation, Iftikhar said. Asked why the intensity of the flood in 2022 was stronger than in 2010, the PIFDE environmental expert said there was a shift of 100kms in the thrust line of monsoon rain that had shifted to the western side. The monsoon rain did not come from north-south but from southwest. This is the reason why floods have been so severe in Sindh and Balochistan. In 2010, monsoon rose from Bengal, entered from the east and dumped trillions of gallons of water.

Iftikhar said the traditional pattern of monsoon had changed and now it was entering Pakistan from the south instead of the northeast, so the intensity, duration, and volume of this monsoon were different, he remarked. ‘’Our policymakers must notice this change and  take stern action against those who build on the banks of rivers to save lives. Barriers along rivers and canals and urban planning will help us, since urban flooding has been a serious concern. This has resulted in the loss of lives and property,’’ he said. According to Iftikhar, there is a dire need to build a dam for storage of floodwater, which would help reduce the losses caused by the flash floods.

The total area of standing crops damaged by the flash floods was estimated to be around 2,997,928 acres, according to the data prepared by the Ministry of National Food Security and Research. According to renowned economist Dr. Hafiz A Pasha, the total accumulated loss caused by the flood could reach $30 billion. He said Pakistan would suffer economic losses of $12 billion as a result of loss to the GDP growth. The capital cost of house and infrastructure damage could reach $6 billion losses. The livestock losses totalled $4 billion, with additional losses amounting to around $2 billion.

Credit: Independent News Pakistan-WealthPk