KABUL, Afghanistan (AP) — The International Monetary Fund on Monday approved the immediate release of the final $1.1 billion tranche of a $3 billion bailout to Pakistan, the global lender said in a statement.
Pakistan needs the money to overcome one of the worst economic crises in its history that had raised fears it could default on the payment of foreign debts.
As part of the bailout conditions, the government was required to reduce subsidies intended to cushion the impact of rising living costs. This contributed to an increase in prices, especially energy bills, and angered the public. Islamabad also imposed new taxes, another unpopular move.
But an IMF official said the country’s “determined policy efforts” have brought progress in restoring economic stability.
Moderate growth has returned, external pressures have eased and, while still elevated, inflation has begun to decline, said Antoinette Sayeh, the IMF’s deputy managing director and chair, in the statement.
Related articles:
Related suggestion:
Xi, Biden hold phone talksMegan Fox showcases her curves in all black as she and Machine Gun Kelly bring their gothMinister: CPEC transforms Pakistan's development landscapeThe Piano review: This show's standout performer? A romantic OAP with dementia, writes ROLAND WHITEMike Trout is healthy and producing. That hasn't been enough for the Shohei OhtaniCambodia commemorates 2 Chinese martyrs killed in peacekeeping mission 31 years agoInterstate near ArizonaPresidents' TrophyChina, Cambodia to move forward in building highIndonesian student designs a life in fashion
2.4366s , 6496.5234375 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Gateway news portal