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Pakistan could have averted its climate catastrophe

Decades of corruption and underinvestment have led to this moment. Only significant expenditure can avoid another disaster.

August 31, 2022 / 14:24 IST
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The floods in Pakistan have caused more than $10 billion of damage, much of which will end up boosting the country’s $255 billion in debt
The floods in Pakistan have caused more than $10 billion of damage, much of which will end up boosting the country’s $255 billion in debt

If you’re looking for an emblem of why Pakistan will struggle to recover from the floods that have killed more than 1,000 since June, consider its latest bailout from the International Monetary Fund agreed on August 29.
The infusion of $1.16 billion might help unlock enough cash to get the country through the next couple of years — but the floods themselves have caused more than $10 billion of damage, much of which will end up boosting the country’s $255 billion in debt.

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For as long as we’ve raised crops from the rich soils laid down in river valleys, floods have challenged humanity. That’s one reason that deluge myths are almost universal. The solutions haven’t changed much, either. An implausibly massive piece of capital investment saves humanity in Genesis and the Quran, in the form of Noah’s ark.

Modern governments take the same approach. The 1928 Flood Control Act, introduced to tame the Mississippi after the previous year’s devastating inundation, was at the time the largest public works project the US government had ever authorised, costing more than the Panama Canal. Flood management forms one of the biggest parts of China’s budget, with the 1 trillion yuan ($144 billion) invested in these projects in 2017 (the last time data was published), amounting to a larger sum than was spent on health care or railway construction.