Pakistan's powerful military has agreed in a rare move to cut its hefty bud...
ISLAMABAD - Pakistan’s powerful military has agreed in a rare move to cut its hefty budget for a year to help ease the South Asian country’s “critical financial situation”, Prime Minister Imran Khan said.
Pakistan has struck an agreement in principle with the International Monetary Fund for a $6 billion loan but Islamabad is expected to put in place measures to rein in a ballooning fiscal and current account deficits to get access to the funds. Unlike some other civilian leaders in Pakistan’s fragile democracy, Khan appears to have good relations with the generals who have ruled the nuclear-armed nation for nearly half its history since independence in 1947.
Under Pakistan’s devolved system, the federal government must hand over more than half its budget to the provinces, and the remainder is mostly eaten up by debt servicing and the military’s vast budget.
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