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Funding railways, dams from overseas Pakistanis | The Express Tribune
KARACHI:
The catastrophic floods in Pakistan have left a trail of devastation across our economy, society, and environment. More than 1,700 lives were lost in 2022, with 33 million citizens affected, 2.1 million displaced, and 10% of the country submerged.
Agriculture – the backbone of our exports – was crippled, with farmland, homes, and infrastructure worth up to $40 billion destroyed. Once again in 2025, Punjab’s breadbasket is underwater: over 2,000 villages and thousands of farms submerged, disrupting wheat and cotton output and endangering food security. These recurring tragedies underscore the fragility of our economy in the face of climate change and lack of infrastructure.
No dams, no railways, no growth
Pakistan’s grievance is valid – we contribute less than 0.5% of global CO2 emissions, yet we bear disproportionate climate costs. But blaming the external environment is not enough. Weak urban planning, illegal encroachments, lack of water reservoirs, and ineffective early-warning systems amplified the destruction. We cannot afford to remain reactive; prevention and resilience must become national priorities.
Another equally paralysing challenge has been the decade-long delay in financing Pakistan’s mainline railway from Karachi to Peshawar. In 2013, the then PML-N leadership promised a bullet train. Ambitious, yes – but unrealistic. A 160 km/h modern rail network may lack the glamour of bullet trains, yet it would transform passenger and freight movement, cut travel time, and integrate our economy. The tragedy is not the lack of vision, but the absence of financing to turn the second-best into reality.
Financing the missing link
What is common between flood rehabilitation and railway modernisation – financing. Both are big-ticket projects costing $4-10 billion over five to seven years, requiring more dollars than any IMF bailout can provide.
An IMF programme, after all, is not about dollars from Washington; it is about international endorsement – unlocking bilateral, multilateral, capital market, and friendly-nation financing. Yet, we have boxed ourselves into dependency, forever waiting for others to fund what is existentially important to us.
Your author has consistently argued for crowdfunding infrastructure through Shariah-compliant, dollar-denominated savings instruments. Pakistanis at home and abroad must be given the opportunity to invest directly in their nation’s future. These projects are asset-backed – rail lines, stations, land, bridges – which can be pledged to create Islamic structures attractive to retail savers, high-net-worth individuals, pension funds, and insurers alike. The Roshan Digital Account (RDA) platform is tailor-made for this mobilisation.
Overseas Pakistanis to pour in dollars
As of June 2025, a net $1.4 billion remains outstanding in Naya Pakistan Certificates after maturities. Why stop there? Launch a new instrument – Roshan Pakistan Assets (RPA) or Pakistan Resilience Fund (PRF) – with a 10-year maturity, offering 8.25% return in dollars.
Add non-financial incentives: airline miles, retail discounts, waived passport or NADRA fees, and recognition as eligible collateral for bank loans. Let every Pakistani saver feel that their dollar not only earns but also builds Pakistan.
Do not fear the repayment risk. Already, of the $11 billion gross raised through RDAs, nearly two-thirds has been invested locally, reducing outflow pressure. These funds circulate within Pakistan, for Pakistanis, and are reinvested in our own economy. The greater risk is complacency – rolling over bilateral loans and IMF tranches indefinitely. We must take ownership of our destiny, fund our own resilience, and demand recognition on the global stage not as borrowers, but as builders of our own tomorrow.
The writer is an independent economic analyst
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Bank customers and investors in India can safeguard a portion of their regular income in accessible and beneficial emergency fund options.
Where should you maintain an emergency fund? (Representative Image)
An emergency fund is the financial cushion you require during stressful and uncertain times to sustain your existing livelihood and safeguard your family’s needs and interests. In India, due to rising inflation and other economic challenges, low-income and middle-class citizens are often just a medical bill or job loss away from facing poverty. An emergency fund helps you shield against such unforeseen events, helping you stay afloat despite paying for medical coverage and riding the wave during unemployment days.
Fortunately, bank customers and investors in India have the option to safeguard a portion of their regular income in accessible and beneficial emergency fund options such as savings accounts, fixed deposits and post office schemes. Here is what you should know before determining the best option among the three for yourself.
Saving Accounts: Easy Access But Moderate Interest
Holding a savings account gives you easy access to your bank balance while earning moderate interest on the savings. Bank customers having a savings account can undergo the fastest transactions and fund transfers during emergencies using UPI, debit card and ATM facilities. While the interest earned on maintaining a savings account is quite low, customers also enjoy easy liquidity and a clean audit trail. However, you should keep track of the minimum balance rules during heavy withdrawals and you can also opt for a sweep-in facility provided by certain banks, where the surplus automatically moves into short-term deposits.
Fixed Deposits: Safety Plus Predictable Returns
Fixed Deposit is a financial instrument offered by the bank where customers can deposit a lump sum amount for a predetermined period at a fixed interest rate. FDs are known for their low risk value and predictable returns, making them a highly attractive option for those looking to ensure coverage during uncertain periods of life in the near future. But while safe and beneficial, FDs don’t provide easy access or liquidity. Premature withdrawal is only allowed after paying a small penalty or signing up for lower interest.
Post Office Scheme: Govt’s Safety, Workable Access
For those looking to maintain an emergency fund via a post office savings account or schemes, the government of India provides safety for the sum assured, stability on interest and multiple tax benefits. The accessibility and liquidity are also usually great, with account holders able to access their funds and make quick transactions during tough times. They also enjoy tax benefits on different schemes and quarterly interest payout.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
Delhi, India, India
October 25, 2025, 07:47 IST
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Rachel Reeves has declined to rule out raising income tax at next month’s Budget, according to reports.
The Chancellor has previously insisted that Labour’s manifesto commitment not to raise income tax, national insurance or VAT “stands” when questioned about how she will bridge a fiscal black hole in November.
But asked about reports the Treasury was considering an income tax hike, the BBC said Ms Reeves told reporters on Friday she would “continue to support working people by keeping their taxes as low as possible” but was still “going through the process” of writing the Budget.
The Chancellor said: “Although I can’t talk about individual measures at this stage, I understand that the cost of living is still people’s number one concern.”
Ms Reeves is widely expected to use the Budget to increase taxes once again, with the Institute for Fiscal Studies estimating she needs to find £22 billion of tax rises or spending cuts to meet her self-imposed fiscal rule.
The gap comes as a result of higher borrowing costs, weak growth and an expected downgrade to official productivity forecasts, although recent better-than-expected inflation figures have eased the pressure slightly.
Raising the basic rate of income tax by 1p could raise around £8 billion, but would break a clear manifesto pledge.
It would also be the first time the basic rate has been increased since the 1970s.
The Chancellor is also reported to be considering cutting the amount of money people can save in cash Isas as part of a drive to encourage investment in stocks and shares.
It is understood that no decision has yet been made and several options are being considered, including halving the allowance from £20,000 to £10,000.
Treasury minister Lucy Rigby told the Telegraph the Government was “looking at the right balance between cash and shares in the Isa”.
She said: “The bottom line is, we want people to be better off and one way we can do that is to build a shareholding democracy in this country.”
Meanwhile, The Times reported that the Chancellor would use the Budget to increase the minimum wage once again, and make further moves towards abolishing lower minimum wage rates for younger people.
Hoka shoes are seen in a store in Krakow, Poland on February 1, 2023.
Jakub Porzycki | Nurphoto | Getty Images
Shares of footwear maker Deckers Brands plunged 15% Friday after the company trimmed its sales guidance for Hoka and Ugg — the two brands driving its growth — over concerns that tariffs are leading to a slide in demand.
Hoka, an up-and-coming running shoe brand, is now expected to grow by a low-teens percentage in fiscal 2026 after growing 24% in the year-ago period, while Boots brand Ugg is expected to grow in the range of a low to mid single-digit percentage, after growing 13% in the year-ago period.
In May, the company said Hoka and Ugg were expected to grow in the mid-teens and mid-single digits, respectively, in fiscal 2026 but it caveated that forecast by saying it was conceived prior to the introduction of President Donald Trump’s tariffs. At the time, it quantified the expected impact to its costs but said it remained to be determined what kind of impact the new duties could have on demand.
When reporting fiscal second-quarter earnings on Thursday, finance chief Steven Fasching said the impacts tariffs and higher prices are having on demand are now more clear.
“Part of the framework that we gave at the beginning of the year really said if tariffs did not have an impact on consumers, how we saw kind of certain growth, and we still believe that, right? But we do know and we are more currently seeing some impacts on the U.S. consumer,” Fasching told analysts on the company’s conference call. “So as U.S. consumers are beginning to see some price increases. It is impacting their purchase behavior within the consumer discretionary space.”
He added the guidance isn’t far off from what the company originally thought but acknowledged there is a “little bit of a reduction” in its forecast.
The slower pace of growth for Deckers’ two top-performing lines, along with the trim to their sales guidance, signals the two brands could be losing momentum after years of outperformance. Together, Hoka and Ugg account for the vast majority of Deckers’ revenue and have been critical in offsetting weaknesses in other categories.
CEO Dave Powers, however, downplayed fears of a long-term slowdown, telling investors that both brands remain strong among core consumers.
“We’re confident in the long-term trajectory of our portfolio,” Powers said. “While tariffs and inflation are creating near-term pressure, Hoka and Ugg continue to lead in brand heat and market share gains across their categories.”
Beyond Hoka and Ugg, Deckers’ full-year revenue guidance came in lower than analysts’ expectations. In fiscal 2026, the company expects revenue of about $5.35 billion, shy of Wall Street’s $5.45 billion forecast, according to LSEG. It expects earnings per share to be between $6.30 and $6.39, roughly in line with the $6.32 per share estimate, according to LSEG.
In the company’s call with analysts, Fasching warned that tariff costs could total about $150 million this fiscal year. Executives said they expect to offset roughly half of those costs through price adjustments and cost-sharing with factory partners.
Deckers’ shares have dropped more than 55% year to date, leaving investors on edge about any signs of decelerating demand.
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