ANI
05 Oct 2022, 00:25 GMT+10
Islamabad [Pakistan], October 5 (ANI): As Pakistan always cries for funding in the name of development and disaster management, the so-called defence sector of the country continues to enjoy grants, subsidies and loans despite the financial crunches.
A Canada-based think tank International Forum for Rights and Security (IFFRAS), has highlighted the freebies to the elite military of the country.
According to it, defence and debt servicing make up about 58 per cent of the budget for 2022-23, which is an increase of 24.3 per cent over the previous year.
While the funds for development expenditure have been cut in Pakistan and subsidies withdrawn for items like petroleum products and electricity, the defence sector continues to enjoy grants, subsidies and loan write-offs to the tune of PKR116 million in the current fiscal year.
The Pakistani Armed Forces also generate additional sources of income through their public sector enterprises and their business welfare models. These have been traditionally exempted from excise and taxation, as per the think tank.
Report says that in 2021-22 alone, PKR26 billion (USO 110 million) worth of tax exemptions were given to military-managed business entities. Apart from these direct expenditures, a large number of military related requirements are cross subsidized and met through funds allocated to other ministries.
IFFRAS reported that Pakistan which has been continuously plunging from one economic crisis to another, the deliberate opaqueness built into the defence expenditure needs to be addressed holistically to ensure economic security.
At present, Pakistan has been witnessing the devastating floods which impacted the country's economic situation.
Over 2 million homes have been destroyed or damaged, forcing people to live under open skies exposed to threats of dengue, malaria, and the biting cold of the fast-approaching winter.
Meanwhile, the United Nations on Tuesday launched the revised flash appeal of USD 816 million to respond to the needs of people affected by climate-induced floods in Pakistan. (ANI)Get a daily dose of Vietnam Tribune news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vietnam Tribune.
More InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
Kandla (Gujarat) [India], July 7 (ANI): A tanker vessel bound for Oman reported an explosion shortly after completing a methanol discharge...
(250707) -- HANOI, July 7, 2025 (Xinhua) -- The roof of a residential complex collapses after a fire in Vietnam's southern Ho Chi Minh...
Rio de Janeiro [Brazil], July 7 (ANI): MEA Secretary (Economic Relations) Dammu Ravi said on Sunday (local time) that Prime Minister...
JAKARTA, 7th July, 2025 (WAM) -- A volcano in eastern Indonesia erupted, spewing a colossal ash tower 18 kilometres into the sky on...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...