Desperation over inflation undercuts typically booming Eid trade at Islamabad cattle market

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Updated 27 June 2023
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Desperation over inflation undercuts typically booming Eid trade at Islamabad cattle market

  • Many buyers at Islamabad’s main cattle market said they couldn’t afford livestock for the ritual sacrifice 
  • Sellers complained they had to source animals at exorbitant rates this year, rearing cattle more expensive 

ISLAMABAD: On the outskirts of the Pakistani capital of Islamabad, thousands of sacrificial animals are up for sale at a cattle market especially set up ahead of Eid Al-Adha later this week. 

There’s just one problem: there are very few customers, as millions of Pakistanis reckon with record inflation.  

Known as the “Feast of Sacrifice,” the revered observance of Eid Al-Adha coincides with the final rites of the annual Hajj in Saudi Arabia. It is a joyous occasion, of which food is a hallmark. Many Muslims celebrate the four-day feast by ritually slaughtering livestock and distributing the meat among family, friends and the poor. 

But with Pakistan’s annual inflation rate rising to 37.97 percent in May, setting a national record for the second month, many buyers at Islamabad’s main cattle market said they couldn’t afford the livestock for the ritual sacrifice while sellers complained they had to source the animals at exorbitant rates this year and rearing the cattle cost them three times more than before. 

At Islamabad’s cattle market last week, a thin crowd was evidence that desperation over the cost of living has undercut the typically booming holiday trade in goats, cows and sheep. 

“We bought 20 animals and have sold only five so far,” seller Nusrat Ali Khan told Arab News at the market, which is spread over 15,000 hectares and can accommodate around 6,000 animals.




A local cattle vendor poses with his buffalo at the animal market for the Muslim annual festival of Eid Al-Adha or the Festival of Sacrifice, in Islamabad on June 23, 2023. (AN Photo)

 At least 4,000 animals have been brought to the market from different parts of the country ahead of Eid Al-Adha. 

“We can’t really see any customers. The expenses are quite a lot and customers are not coming.” 

Khan wondered if he would be able to sell any of his animals before Eid, which falls on Thursday in Pakistan.  

“If they are sold, only then we can earn something for our children,” he said. 

Buyers complained sellers’ prices were unfair. 

“My budget was somewhere around Rs300,000 ($1,047) to Rs350,000 ($1,222) but when we came here, the animal which should be Rs350,000 is priced at Rs700,000 ($2,445) and the Rs700,000 animal is available at Rs1,400,000 ($4,890),” buyer Shaikh Romail said. 

“The rates are double, and it was not what we expected.” 




This photograph taken on June 23, 2023, shows three bulls, priced over $2,400 each. present at the Islamabad animal market for the Muslim annual festival of Eid Al-Adha or the Festival of Sacrifice on the outskirts of the Pakistani capital. (AN Photo)

Explaining the high rates this year, Raja Tahir, the cattle market contractor, said rearing the cattle was neither an easy nor a cheap task. 

“It is difficult to take care of them. You can gauge that from the fact that what you can’t afford to eat yourself, you feed them,” Tahir told Arab News, saying sellers fed wheat, milk, ghee, barley, nuts, and other natural ingredients to their animals to enhance their beauty, weight, and physique. 

But the higher cost has meant fewer customers. 

“Customers are fewer as compared to the number of animals [in the market],” Azhar Siddiqui, who was shopping for a goat, said. 

“The buying power has been affected due to inflation. This will have an effect, people will sacrifice less as compared to the past. People who used to buy full animals will now go for buying parts.” 


Pakistan rejects Indian media reports of radiation leak, warns against regional arms buildup

Updated 5 sec ago
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Pakistan rejects Indian media reports of radiation leak, warns against regional arms buildup

  • Foreign office says India is following ‘hegemonic policy’ by procuring ‘advanced weaponry’
  • It says Pakistan is mindful of the threat and remains ready to deal with any military challenge

ISLAMABAD: Pakistan’s foreign office on Friday dismissed Indian media reports alleging radiation leaks during last week’s conflict between the two nuclear-armed neighbors as “preposterous,” while voicing concern over India’s acquisition of advanced weaponry, calling it a threat to regional stability.

The remarks came amid heightened tensions following a brief but intense military exchange that included missile and drone strikes.

Some Indian media outlets speculated that Pakistani nuclear facilities were compromised during the hostilities, leading to potential radiation leaks.

“What I can say about radiation leakage in Pakistan is that these reports are absurd and preposterous,” foreign office spokesperson Ambassador Shafqat Ali Khan said during his weekly news briefing. “This is part of disinformation and fake news peddled by Indian media, which has distinguished itself recently with blatant lies and fabrication.”

“As a responsible nuclear weapon state,” he added, “Pakistan categorically rejects this irresponsible reporting with the contempt it deserves. India will be well advised to check such manufactured falsehoods and stop the fall of its media to new low.”

Some recent reports have also quoted the International Atomic Energy Agency (IAEA) as saying “no radiation leak or release from any nuclear facility in Pakistan” had occurred, dismissing the Indian media claims as unfounded.

Ambassador Khan also criticized India’s military posture during the news briefing, saying New Delhi’s ambitions were destabilizing the region.

“India is pursuing aggressive, or rather hegemonic policy in the region, and its defense budget reflects that,” he said. “We remain concerned about the acquisition and procurement of advanced weaponry by India which creates security imbalance in the region.”

“At the same time, we remain mindful of the threat,” he added. “We are prepared and we are ready, and our forces remain ready to deal with the challenges.”

The recent India-Pakistan standoff, which lasted several days, saw both nations engage in conventional military operations, including missile and drone strikes.

A ceasefire was brokered and announced on May 10, though the potential for escalation between the two nuclear-armed nations persists.


Pakistan’s financial regulator alerts firms to cyber risks after conflict with India

Updated 16 May 2025
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Pakistan’s financial regulator alerts firms to cyber risks after conflict with India

  • SECP highlights potential risks including operational disruptions and data loss in its advisory
  • Recent India-Pakistan hostilities featured coordinated cyberattacks for the first time in history

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Friday cautioned local companies about heightened cybersecurity risks, days after a brief but intense conflict with India that, for the first time, saw both nations engage in cyber warfare alongside traditional military exchanges.
The recent hostilities, which included missile and artillery fire, also featured the deployment of drones and coordinated cyberattacks, an unprecedented escalation in the long-standing rivalry between the two nuclear-armed neighbors.
A ceasefire was brokered and announced on May 10, though the digital threat persists.
“The Securities and Exchange Commission of Pakistan (SECP) has issued an advisory to all the companies, in light of the recent geopolitical situation and resultant heightened cybersecurity threat alerts, urging companies to adopt cybersecurity best practices,” the regulator said in a statement.
The advisory outlined potential risks such as operational disruptions, data loss and reputational damage, recommending measures including stricter access controls, vulnerability assessments, incident response planning and user awareness training.
During the conflict with India, Pakistan’s economic affairs ministry and the Karachi Port Trust (KPT) reported that their official X accounts had been compromised.
The KPT account briefly posted claims of significant damage from an Indian naval strike before the post was deleted and the agency stated its account had been hacked.
Pakistani officials also acknowledged launching retaliatory cyber operations targeting Indian government and financial websites.
Indian authorities reported over 1.5 million attempted cyber intrusions during the conflict, primarily attributed to Pakistan-based hacker groups.
The SECP’s advisory highlighted the ongoing digital risks in the aftermath of the ceasefire, urging companies to bolster their cybersecurity defenses to protect critical infrastructure and sensitive data.


Pakistan condemns India’s ‘unprovoked’ military action during talks with UK foreign secretary

Updated 10 min 7 sec ago
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Pakistan condemns India’s ‘unprovoked’ military action during talks with UK foreign secretary

  • David Lammy is on his first official visit to Islamabad amid tensions following India-Pakistan standoff
  • Pakistan and UK express satisfaction over bilateral economic cooperation, development partnership

ISLAMABAD: Pakistan on Friday condemned what it called India’s “unprovoked and belligerent” military action during talks with British Foreign Secretary David Lammy, saying Islamabad had only exercised its right to self-defense with a limited response aimed at avoiding civilian casualties.
The meeting between Lammy and Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar took place in Islamabad during Lammy’s first official visit to the country. It came just days after one of the most serious military confrontations between the South Asian nuclear-armed rivals in decades.
Fighting erupted last week when India launched strikes on what it said were “terrorist camps” in Pakistan following a deadly April attack in Indian-administered Kashmir that killed 26 people. New Delhi accused Islamabad of backing the militants behind the assault, an allegation Pakistan denies.
Four days of drone, missile and artillery exchanges followed, killing around 70 people, including dozens of civilians, on both sides of the border. The conflict raised fears of a broader war before a ceasefire was announced by US President Donald Trump.
“The two leaders held detailed discussions on recent developments in South Asia, particularly the situation following the ceasefire understanding between Pakistan and India,” said a statement released by the foreign office in Islamabad.
“Dar briefed the UK Foreign Secretary on India’s unprovoked and belligerent actions, which constituted a violation of Pakistan’s sovereignty, international law, the UN Charter, and established norms of interstate relations,” it continued.
“He underlined that Pakistan exercised its right to self-defense under Article 51 of the UN Charter, and that Pakistan’s response remained limited, precise, and proportionate, with utmost care taken to avoid civilian casualties,” the statement added.
Dar also thanked the United Kingdom for its constructive engagement in urging de-escalation during the conflict.
Britain was among several countries that called for restraint, with Prime Minister Keir Starmer saying at the time that the UK was “urgently engaging” with both sides.
The two officials also discussed Pakistan-UK bilateral ties, expressing satisfaction with the progress in trade, economic cooperation and development partnerships.
Dar acknowledged British support in key areas such as education, health and climate resilience, and both sides pledged to deepen collaboration on global challenges including climate action and sustainable development.
Lammy’s visit, the foreign ministry said, underscored the “robust and multifaceted partnership” between the two nations and their commitment to regional and international peace.

-With input from AFP
 


Pakistan moves to cut import tariffs in bid to boost exports, attract investment

Updated 16 May 2025
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Pakistan moves to cut import tariffs in bid to boost exports, attract investment

  • Pakistani exports rely heavily on imported inputs, making import duties important for export competitiveness
  • Government plans to phase out additional customs and regulatory duties in Pakistan in the next five years

KARACHI: Pakistan on Friday approved a major reduction in import tariffs as part of its broader effort to revive the economy, boost exports and attract foreign investment, an official statement circulated by the Prime Minister’s office said.

The move comes as Pakistan emerges from a prolonged economic crisis and shifts from restrictive import controls, previously used to protect dwindling foreign currency reserves, toward policies aimed at sustaining growth and attracting investment. With inflation easing and macroeconomic indicators improving, the government is working on tariff reforms to boost industrial productivity.

Pakistani exports, especially in textiles, engineering and pharmaceuticals, rely heavily on imported inputs, making import duties a key factor in export competitiveness. The issue came up for decision during a high-level meeting on the National Tariff Policy, chaired by Prime Minister Shehbaz Sharif in Islamabad.

“In line with the government’s economic recovery plan, the prime minister has taken a historic step by approving a gradual but significant reduction in import tariffs,” the statement said, calling it “a key milestone” in achieving economic stability and enabling export-led growth.

Under the approved changes, Pakistan will phase out additional customs duties, currently ranging from two to seven percent, along with regulatory duties, between five and 90 percent, over the next four to five years.

The government will also cap general customs duties at 15 percent, compared to current rates that sometimes exceed 100 percent, and limit tariff slabs to four categories to reduce complexity and ensure a level playing field across industries.

The policy shift is expected to support the government’s goals of curbing unemployment, containing inflation further and providing dignified employment opportunities, particularly for educated youth.

Sharif also ordered the formation of an implementation committee to oversee the rollout of the tariff reforms and reiterated that economic revival remained his administration’s top priority.


Pakistan says agreed with India on ‘phased de-escalation’ after last week’s strikes

Updated 16 May 2025
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Pakistan says agreed with India on ‘phased de-escalation’ after last week’s strikes

  • The latest conflict between India and Pakistan had sparked global concerns that it could spiral into a full-blown war
  • Four days of intense drone, missile and artillery strikes left around 70 people, including civilians, dead on both sides

ISLAMABAD: Pakistan has agreed with India for “phased de-escalation” after last week’s military conflict between the nuclear-armed neighbors, the Pakistani foreign office said on Friday, adding that military officials from both countries had been in “periodic contacts.”

The latest conflict between India and Pakistan had sparked global concerns that it could spiral into a full-blown war before a ceasefire was announced by United States President Donald Trump. Fighting began when India launched strikes on May 7 against what it called “terrorist camps” in Pakistan following an April attack in Indian-administered Kashmir which killed 26 people.

New Delhi blamed Islamabad for backing the militants it claimed were behind the attack — the deadliest on civilians in Kashmir in decades. Pakistan denies the charge and has demanded a credible, international probe into the assault. Four days of intense drone, missile and artillery exchanges left around 70 people, including dozens of civilians, dead on both sides.

Speaking at a press briefing in Islamabad, Pakistani foreign office spokesman Shafqat Ali Khan said the ceasefire between both nations was achieved through “facilitation of several friendly nations,” reiterating Islamabad’s support for President Trump’s announcement of engaging with Pakistan and India to seek a resolution to the Kashmir dispute.

“I would like to highlight that Directors General of Military Operations of Pakistan and India have maintained periodic contacts since 10th May 2025. Both sides have agreed on a structured mechanism for phased de-escalation,” he said, adding that Pakistan was committed to the ceasefire.

“As a goodwill gesture, Pakistan handed over an Indian Border Security Force constable on May 14, 2025. In return, India released a sepoy of Pakistan Rangers.”

There was no immediate response from New Delhi to Khan’s statement but it came hours after Indian Defense Minister Rajnath Singh said the International Monetary Fund (IMF) should reconsider a one-billion-dollar loan to Pakistan, alleging Islamabad was “funding terror.” Both India and Pakistan, who are members of the International Atomic Energy Agency, have also accused each other of failing to control their nuclear weapons.

“I believe a big portion of the $1 billion coming from IMF will be used for funding terror infrastructure,” Singh told troops at an air force base in western India. “I believe any economic assistance to Pakistan is nothing less than funding terror.”

The IMF last week approved a loan program review for Pakistan, unlocking a $1 billion payment which the state bank said has already been received. A fresh $1.4 billion loan was also approved for Pakistan under the IMF’s climate resilience fund.

Khan said at a time when the international community was actively promoting regional peace and stability, India’s rhetoric reflected a “persistent tendency to distort facts, justify aggression, and cast unwarranted aspersions” on Pakistan’s nuclear assets.

“Pakistan as a responsible state remains committed to the ceasefire and to taking necessary steps toward de-escalation and regional stability,” he said.

“Given India’s belligerent posture, we call upon our international partners to ensure that India honors its commitments and refrains from further aggression. Should India resume hostilities, Pakistan will have no choice but to respond.”

Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.

India has long battled an insurgency on the side it rules by armed separatists fighting for independence or a merger with Pakistan. New Delhi accuses Pakistan of backing the militants, Islamabad says it only offers political and diplomatic support to the Kashmiris.

The region has long been described as the “nuclear flashpoint” of South Asia and prompted President Trump last week to offer Washington’s mediation to resolve the issue.

“Pakistan firmly believes in peaceful coexistence. We prioritize dialogue and diplomacy over conflict and confrontation. We have consistently advocated for meaningful engagement and result-oriented dialogue to resolve all outstanding issues, including the core dispute of Jammu and Kashmir,” Khan said.

“A just and peaceful settlement of these disputes remains indispensable for lasting peace in South Asia.”

India has for years insisted Kashmir is a bilateral issue and not allowed any third-party mediation.