Bring water and rice to a boil in a saucepan over medium-high heat. Reduce heat to low, stir, and cover pan. Simmer until water is absorbed, about 20 minutes.

Preheat the oven to 350 degrees F (175 degrees C).

Beat ½ cup sugar and egg yolks together in a mixing bowl. Add cornstarch and salt and continue beating. Gradually add milk. Stir in cooked rice, raisins, and lemon juice, then transfer mixture to a baking dish, placing it inside a larger pan with water filled 1 inch up the side.

Bake in the preheated oven, stirring occasionally, for 80 minutes until pudding is creamy and most liquid is absorbed. Add more water if necessary to maintain the water level in the pan.

Meanwhile, beat egg whites in a glass or ceramic mixing bowl until soft peaks form. Gradually add ¼ cup sugar and continue beating until stiff peaks form.

Remove pudding from the oven, leaving it in the larger pan. Top pudding with meringue, swirling with a spoon to create soft peaks.