Sunday, February 28, 2021

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Pakistan Army Worth Whopping $20 Billion; But Civilian Government Bankrupt

The Pakistan Army officers are most likely to stay unaffected by the massive economic crisis that Islamabad is going through. Pakistan Government has sought a bailout package of $7 billion from International Monetary Fund (IMF), but the Pakistan Army is least bothered and affected as they have access to over $20B according to the Sunday Guardian report.

According to the news report, the Pakistan army is comfortably sitting on assets and businesses whose worth is estimated to be more than $20 billion. Pakistan Army has never faced an economic recession, while the extent of financial control that the Pakistan military exercise is just astonishing.

The details of the assets owned by the Pakistan army were officially shared by the Pakistan Defence Ministry in July 2016 with members of the Pakistan Senate. These include 50 housing projects that are run through several foundations, oil and gas drilling projects, stud farms, an aviation company and a diesel producing company, which has tied up with the world’s largest US-based oil and gas company, ExxonMobil.

All these and many more such corporations, whose capital is generated by the top generals of Pakistan army over the years, are controlled by the “Army Welfare Trust” (AWT), a conglomerate that came up in 1971.

According to report, most of these companies which are controlled by the army indirectly through funds have at least 120 entities that are literally into every business – from phosphorus, aviation, sugar and apparels to academic institutions and even security guards.

“Many of these companies are used as shell companies and as a front for getting kickbacks from the arms dealers. They are protected by any ‘external interference’ from the Civil departments. Prime areas of the country are under the control of the Defence Housing Authorities (DHAs) in Karachi, Lahore, Rawalpindi-Islamabad, Multan, Gujranwala, Bahawalpur, Peshawar and Quetta. These are the fronts used by serving and retired generals to acquire properties across the country,” an official said.

Other News at EurAsian Times

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