As Pakistan continues to struggle with a deteriorating economy, weak governance structures, and harsh austerity measures mandated by the International Monetary Fund (IMF), one institution appears to be consolidating its wealth and authority – the military. In addition to wielding unmatched political power, the armed forces have, especially in recent years, significantly strengthened and extended their presence within the nation’s economic sphere.

This growing military involvement in commercial enterprises, commonly referred to as the ‘milbus’ (military business), was recently illustrated by the Fauji Fertilizer Company Ltd. (FFC). FFC, which operates under the military-administered Fauji Foundation, signalled its intention to acquire a controlling interest—ranging from 51 to 100 per cent—in the financially troubled national airline, Pakistan International Airlines, thereby marking its expansion into the aviation industry.

The Fauji Fertilizer Company (FFC) stands as Pakistan’s leading fertiliser manufacturer, while also maintaining investments across sectors such as energy, finance, and food. Operating under the Fauji Foundation, FFC is just one of several institutions exemplifying the military’s deep-rooted involvement in Pakistan’s economy. Other military-linked entities—such as the Army Welfare Trust, Shaheen Foundation, Bahria Foundation, and the Defence Housing Authority (DHA) — collectively form a vast commercial network controlled by the armed forces.

This economic conglomerate has........

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