Amidst Economy’s Mounting Woes, Pakistan Military Agrees To Cuts In Defence Spending

Amidst Economy’s Mounting Woes, Pakistan Military Agrees To Cuts In Defence SpendingPakistan’s Chief of Army Staff Qamar Javed Bajwa (Sebastian Widmann/Getty Images)

Amidst the country’s ongoing economic crisis, the Pakistan military has expressed its willingness to accept cuts to its budget in order to reduce the burden on government finances, reports The Times of India.

Pakistan’s economy is under tremendous strain over the country’s growing debt to an array of international lenders; the country had to seek yet another bailout from the International Monetary Fund (IMF) this year to buy time to meet its obligations to lenders.

However, the $6 billion loan has come with a number of stringent conditions, including a requirement that the Pakistani government cut down its fiscal deficit by around $5 billion, mainly through austerity measures.

The Prime Minister Imran Khan-led government has also been asked to switch trade of the Pakistani Rupee to a free float system, the natural consequence of which will be a further weakening of the currency.

Pakistan’s defence spending is around 3.5 per cent of its GDP, while India’s is only 2.4 per cent. The Pakistan Armed Forces also play an outsized role in the country’s economy, producing everything from breakfast cereal to cement through through firms under its control.