How is Pakistan raising money for a 20 percent hike in defense spending?

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How is Pakistan raising money for a 20 percent hike in defense spending?

Pakistan hikes its defense budget by 20 percent following border clashes with India, as its fragile economy remains reliant on International Monetary Fund (IMF) loans.

Islamabad, Pakistan – Pakistan has increased its defense spending by more than 20 percent – the most substantial hike in a decade – following last month’s military confrontation with neighboring India.

Presenting the annual federal budget on June 10, Finance Minister Muhammad Aurangzeb proposed an allocation of 2.55 trillion rupees ($9bn) for the country’s three armed services – the army, air force and navy – amounting to 1.97 percent of Pakistan’s gross domestic product (GDP), up from 1.7 percent in the previous budget.

“The security situation in the country is precarious, and the armed forces have rendered commendable service in protecting the borders,” Aurangzeb said during his speech, as India has threatened to carry out strikes if armed groups carry out attacks on India or Indian-administered Kashmir.

But analysts say that Islamabad will need to walk a fine balance in spending more on defense at a time when its fragile economy is under strict oversight from the International Monetary Fund (IMF), and cuts in social sector expenditure could embolden the opposition.

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