KARACHI: Pakistanis thronging markets to buy sacrificial cows, camels and goats for the upcoming Eid Al-Adha complained about rising prices of the livestock this week.
Pakistan has been beset by inflation above 20 percent since May 2022. Last year in May, inflation jumped as high as 38 percent as the country navigated reforms as part of an International Monetary Fund (IMF) bailout program.
While inflation has since tapered, at the main cattle market in Karachi, Pakistan’s biggest city, customers said they were still facing higher prices than last year.
“There is no impact of it (inflation slowing down). The prices are higher as compared to last year. The price of an animal that was up to 100,000 rupees ($358) last year is reaching 150,000 rupees ($537) this year,” said a customer, Mohammad Asif.
“It is the government’s claim that they have brought down the inflation whereas it is totally contrary to that here at the market. The prices are like three folds up as compared to last year,” said another buyer, Abdur-Rehman.
Trader Mohammad Chhuttal, who traveled some 540 km (336 miles) from the city of Ghotki to sell his cows and bulls in Karachi, said the impact of last year’s high inflation continued to be felt this year.
Traders said the inflation was hurting the purchasing power of ordinary consumers and noted that there were not only fewer customers in the market compared to last year, but that people would choose smaller animals.
Pakistan is in talks with IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy that is growing at the slowest pace in the region.
Pakistan narrowly averted a default last summer thanks to a short-term IMF bailout of $3 billion over nine months.
Muslims around the world celebrate the Eid holiday by slaughtering animals such as cattle and goats as they mark the willingness of Prophet Ibrahim to sacrifice his son on God’s command. The meat is shared among family and friends and donated to the poor.
The three-day festival of Eid Al-Adha, one of the two most important festivals on the Islamic calendar, will be celebrated from Monday (June 17) in Pakistan this year.
Pakistanis complain about high prices of sacrificial animals before Eid Al-Adha
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Pakistanis complain about high prices of sacrificial animals before Eid Al-Adha
- Muslims celebrate Eid by slaughtering cattle, goats and cow to mark the willingness of Prophet Ibrahim to sacrifice his son on God’s command
- The three-day festival, one of the two most important festivals on the Islamic calendar, will be celebrated in Pakistan from June 17 this year
Pakistan’s finance chief heads to Riyadh to highlight climate funding priorities at global summit
- Muhammad Aurangzeb will join high-level talks on securing capital for climate adaptation and resilience
- The visit includes bilateral meetings with senior Saudi officials to deepen bilateral economic cooperation
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb left for Saudi Arabia on Wednesday to attend the Global Development Finance Conference in Riyadh, said an official statement, where he will present Islamabad’s perspective on climate adaptation and financing.
Pakistan is among the world’s most climate-vulnerable countries, grappling with recurrent floods, heatwaves and rising adaptation costs that far exceed its domestic resources.
Last month, while addressing COP30 in Brazil via video link, Aurangzeb urged reforms to global climate-finance mechanisms, arguing the Green Climate Fund was mired in “bureaucracy” and the Loss and Damage Fund had made little progress four years after its launch.
The finance division said the minister had departed for Riyadh to take part in the conference, a three-day gathering focused on new development-finance models.
“During the conference, Finance Minister Senator Muhammad Aurangzeb will participate in a high-level session on climate adaptation and resilience, where he will join global leaders in discussing how developing countries can secure the capital needed to address climate vulnerabilities,” the statement said.
“His participation will highlight Pakistan’s priorities in climate finance and the government’s efforts to strengthen economic resilience in the face of global environmental challenges,” it added.
Aurangzeb is also scheduled to hold bilateral meetings with senior Saudi officials, including leadership of the National Development Fund and the Ministry of Finance, to discuss development financing, investment opportunities and broader economic cooperation.
The statement said he will give interviews to international media outlets such as CNN and CGTN to outline Pakistan’s reform trajectory and development-finance needs.
The finance chief will additionally meet Pakistan’s diplomatic mission in Riyadh to review ongoing economic diplomacy initiatives.
The Global Development Finance Conference, organized under the patronage of Saudi Crown Prince Mohammed bin Salman, aims to bring together more than 100 speakers from over 120 international and regional organizations.
The conference is positioned as a key platform within Vision 2030 to accelerate innovative financing models and support countries seeking sustainable growth amid rising global climate and development pressures.
