Pakistan Rupee Exchange Rate
The federal government is set to raise the defense expenditure in the upcoming budget for the fiscal year 2023-24, marking the first increase in three years. According to reports, the defense budget is expected to grow by 11.1%, from Rs1,530 billion to Rs1,800 billion, in response to ongoing internal and external security challenges.
The armed forces budget has remained unchanged since 2020, as the nation’s economy grappled with the repercussions of the Covid-19 pandemic. Even after the change in government last year, the defense budget was not raised, as the coalition led by the PDM (Pakistan Democratic Movement) sought to address the country’s ailing economy through austerity measures and other reforms.
Additionally, reports indicate that the salaries of armed forces personnel have also remained stagnant since 2020, despite the economic challenges faced during this period.
