Total addressable market for the sale of sovereign bond in Pakistan is estimated to be as high as Rs500 billion.  By launching new investment instrument Government hopes to attract the excess money from the market that is not finding any productive outlet.

Savings bond will be sold through the network of the Central Directorate of National Savings and will be traded in the capital market.

Because of the lack of investment opportunities, experts feel that the prospective share price per unit of the government bond will higher than its face value.

The administration of Karachi, Lahore and Islamabad stock exchanges and the Security Exchange Commission of Pakistan have already received the draft rules and have very short window for comments.

General Manager of the Karachi Stock Exchange Haroon Askari was quoted in Dawn saying these bonds can “change fundamentals of our marketplace”.

Government backed bond will be ‘deemed listed’, which means that it will avoid the arduous procedure of application for listing and public offer before making its way to the market.

Government officials say they are actively pursuing the move to meet Pakistan’s budgetary demands.

As recipient of IMF loan, Pakistan is prohibited from the State Bank borrowing beyond certain limits. The World Bank and the ADB have also pressured Pakistani government to introduce investment opportunities and raise resources from market at competitive rates.

If this bond is ‘deemed listed’ next week, it will qualify Pakistan for the last tranche of $200 million under the ADB Accelerated Economic Transformation Project (AETP). Pakistan has been assured that the amount would be disbursed as soon as the bond is introduced during the current month.

As a native of Pakistan – I am excited to have a sagacious leader at the helm of affairs next door. Especially as our countries have a history of bitter relations having fought three wars since our independence from Britain in 1947. We both claim the Himalayan region of Kashmir, which is divided between us.

Mr. Prime Minister, I feel it’s about time that we both re-visit the concept of ‘sous rature’, (a term usually translated as ‘under erasure)’ in our bilateral discussions. I am proposing a sous rature for Kashmir – because the conflict is inadequately represented thus far as a territorial issue. Since this is an important issue, I propose we keep it legible yet cross it out. And, going forward use a more accurate term; water conflict.

Water is linked to the crises of climate change, energy and food supplies, and in our case, a territorial dispute. Unless Kashmir’s link with water is addressed and resolved, these other crises may intensify leading to further political insecurity and conflict at various levels.

It is abundantly clear to most educated Pakistanis that the Kashmir dispute cannot be resolved until every Pakistani citizen is assured access to water – today, tomorrow and for times to come. I am hoping that in your second term you will demonstrate the courage expected of a ‘fair’ regional power and not insist on building dams that will deprive Pakistani farmers of vital water supplies.

Mr. Prime Minister, I am hoping that you will address the critical issue of the Tulbul Navigation project on Wular Lake in the Indian-controlled portion of Kashmir. I am sure you are aware of our position that this dam will disrupt the flow of water into the Jhelum River, which flows into Pakistan. This dam clearly violates the Indus Water Treaty of 1960. You must know that the World Bank-mediated 1960 Indus Water Treaty stipulates that we share the Indus River and its five tributaries – the Jhelum, Chenab, Ravi, Beas and Sutlej. Under the treaty, we received exclusive use of waters from the Indus and its westward flowing tributaries, the Jhelum and Chenab, while the Ravi, Beas and Sutlej rivers were allocated for your country’s use.

Mr. Prime Minister in your haste to win this second term you have withheld millions of cubic feet of water upstream on the Chenab in Indian-administered Kashmir, and you are storing it in the massive Baglihar dam in order to produce hydro-electricity. Mr. Prime Minister you know it is in breach of the 1960 treaty. I know you decided to stop entertaining this discussion after the Mumbai attacks- but why are you punishing the poor farmers of Pakistan for the crimes committed by a few mercenaries?

We have heard your position that India has a right to ‘’run-of-the-river’’ projects but ask 10 independent scientists and they will confirm that the Baglihar dam reduces the flow of water to Pakistan in violation of the 1960 treaty. Come down to Pakistan and bring those World Bank appointed experts who had cleared the Baglihar project so they can understand the implication of their decision as well. If these experts are not blind- I am sure they will notice that the levels of both the river and groundwater have fallen substantially. Indeed, from our side this doesn’t even look like a river anymore; it is more like a puddle.

Mr. Prime Minister I don’t want to bore you with details, but the 1960 treaty guaranteed us 55,000 cusecs of water. Yet, this year we have received between 13,000 cusecs during the winter and a maximum of 29,000 cusecs during summer.

We have also heard the Indian argument for the Wular dam; that you will make a shallow 12 mile stretch of the river in order to ease “navigation” during the dry summer months. And that this is allowed under the 1960 treaty.

Let’s be honest Mr. Prime Minister- this is an open attempt to store water and control how much will be allowed to flow to Pakistan. It may not happen overnight – but there are no guarantees that you will continue to win elections in India for next 30-40 years.

Mr. Prime Minister- you may ignore this appeal but at least pay attention to more than 20 different UN bodies who have warned that the world may be perilously close to its first water war. Take these dam projects off the table and you will win the hearts and minds of Pakistanis. Moreover, you will bring the two nations closer to a more peaceful and prosperous coexistence.