Smuggling is causing a loss of billions to the total volume of Pakistan's economy, according to Zafar Paracha [3a967ada]. Illegal activities such as black market currency trade, gold smuggling, and oil smuggling are costing Pakistan's economy a whopping $23 billion per year [0e19dc29]. These activities distort exchange rates, fuel inflation, erode confidence in the financial system, and lead to a loss of government revenue [0e19dc29] [351e42a4]. Pakistan loses around $150 million per month from dollar smuggling and over $1 billion annually from oil smuggling [0e19dc29] [e2d95b77].
The impact of smuggling on Pakistan's economy adds to the challenges faced by the country in managing its currency value and economic health [0e19dc29] [351e42a4]. The focus on PKR-USD parity as the sole determinant of economic health ignores the detrimental effects of illegal activities and their contribution to economic instability.
Addressing the issue of smuggling requires a multi-faceted approach. Strengthening law enforcement efforts, improving border security, and implementing stricter regulations can help curb these illegal activities and reduce their impact on the economy. Additionally, promoting transparency and accountability in financial transactions and strengthening the legal framework can help restore confidence in the financial system [0e19dc29].
Furthermore, tackling the root causes of smuggling, such as poverty, unemployment, and lack of economic opportunities, is crucial. By addressing these underlying issues, the government can create an environment that discourages individuals from engaging in illegal activities and encourages them to participate in the formal economy [0e19dc29] [e2d95b77].
The issue of oil smuggling in Pakistan's Balochistan province is a significant concern. The government's short-term responses, such as issuing reports, closing the border, and blaming lesser-known oil smugglers, have failed to address the underlying socioeconomic incentives, leading to continued unrest and a thriving informal market for smuggled petroleum products [e2d95b77]. Oil smuggling costs Pakistan one billion dollars annually in tax losses, but the government saves trillions in reserves by acquiring cheaper smuggled fuel [e2d95b77]. Nearly one million people in Balochistan live within 50 km of the international border, and up to 2 million people depend directly on this trade [e2d95b77]. The government claims that oil smuggling serves as a safe haven for criminal activities, but legalizing the oil trade can mitigate these issues [e2d95b77]. Pakistan's approach to smuggling is based on an outdated 1977 Smuggling Act, and policymakers need to understand that the law must evolve with time and circumstances [e2d95b77]. By addressing the underlying socioeconomic incentives and impacts, Pakistan can develop more effective, long-term solutions to its oil smuggling dilemma [e2d95b77].
The political economy of narcoterrorism in Pakistan is a rising concern, with the country's share in the global drug trade increasing [26e70f06]. The government of Pakistan does not encourage or facilitate illicit drug production or distribution, but corruption remains a key concern [26e70f06]. The National Accountability Bureau (NAB) is responsible for eliminating corruption in the country [26e70f06]. The link between terrorism, drugs-for-arms, and money laundering is discussed, and the lack of action by the international intelligence community to attack and destroy the financial lifelines of terrorist and militant groups is criticized [26e70f06]. Successive governments in Pakistan have provided tax amnesty and assets-whitening schemes that facilitate money laundering and the whitening of assets worth billions [26e70f06]. The article emphasizes the need for awareness and prevention to combat the drug trade and its negative impact on society [26e70f06].
The population of donkeys in Pakistan has increased to 5.9 million in FY23-24, a growth of 1.72% from the previous year [99942aba]. Donkeys are vital to the local economy in rural Pakistan, serving as essential beasts of burden. The donkey population has steadily risen from 5.5 million in 2019-2020 to 5.9 million in 2023-24 [99942aba]. Horses and mules, on the other hand, have shown no growth in the past five years [99942aba]. Livestock, including donkeys, plays a critical role in Pakistan's agrarian economy, representing 60.84% of the agricultural value added and 14.63% of the national GDP [99942aba]. The livestock sector's growth in FY23-24 was recorded at 3.89% [99942aba]. Despite the increase in the donkey population, Pakistan's economic performance has not met expectations, with the economy projected to grow by only 2.4% in the current fiscal year [99942aba].
Annually, almost 8,275 metric tonnes of crops with an estimated value of Nu 365 million are destroyed by wild animals in Bhutan. Livestock worth around Nu 12 million are lost to big cats and other wild animals [f7d5af76]. The government has spent considerable amounts on deterrents like electric fencing and acoustic equipment, but the effectiveness of these measures is questionable [f7d5af76]. The government has identified chain-link fencing as a more viable solution and has allocated Nu 5.1 billion for it in the 13th Plan [f7d5af76]. However, chain-link fencing is only part of the solution, as it does not protect livestock that go foraging into the forests [f7d5af76]. The government aims to increase the agriculture sector's GDP contribution from Nu 27 billion in 2022 to Nu 50 billion in 2029 through the commercialization of crops and livestock production [f7d5af76]. The coordination and effectiveness of the implementation of these plans will be crucial [f7d5af76].
The people of Afghanistan are preparing to celebrate Eid al-Adha by sacrificing animals and distributing meat to needy families. The annual religious festival will fall on June 17. However, high unemployment and poverty have reduced the purchasing power of Afghan people, hindering their ability to shop for the festival. The economic situation in Afghanistan is worse, with rising prices making it difficult for people to buy sheep. Livestock sellers are also facing low demand and reduced income. Afghans are facing acute food insecurity and urgently need humanitarian assistance. One-fourth of the people in Afghanistan go to sleep hungry every evening. The economic hardship has affected the ability of families to participate in the festival and sacrifice animals. The festival is an important tradition, but many families cannot afford to buy animals for sacrifice due to their financial situation.
The article also explores two renowned cattle markets in Bangladesh, Sadeeq Agro and Gabtoli, ahead of the Eid-ul-Adha festival. Sadeeq Agro is described as an art gallery-like market with majestic animals on display, including large cows priced at Tk5-8 lakh, albino buffaloes starting at Tk7 lakh, and a goat priced at Tk14 lakh. Gabtoli cattle market is described as a bustling bazaar with a high demand for medium and small-sized cows [aaeb0f80]. The Department of Livestock Services reports a 54% increase in sales of sacrificial animals in 2023, reaching around Tk65,000 crore. The article also mentions the boost in the rawhide market during Eid-ul-Adha, with an annual availability of over 1.5 crore animal skins. The market for leather-dependent products remains robust, exceeding Tk10,000 crore annually.
Overall, the prevalence of smuggling in Pakistan's economy highlights the need for comprehensive measures to address these challenges and promote sustainable economic growth [0e19dc29]. The political economy of narcoterrorism in Pakistan is a rising concern, with the country's share in the global drug trade increasing [26e70f06].