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:
At least 1 dead in Florida as storms continue to pummel the South in a week of severe weatherMalta’s deputy prime minister resigns, ends EU Commission bid, as he faces charges in hospital dealPaul Merson is banned from the roads after being caught speeding four times in just eight monthsHow to watch (and stream) the Eurovision Song Contest finalSweetgreen, Natera rise; Collegium Pharmaceutical, Akamai fall, 5/10/2024Everton drops appeal against Premier League points deduction after staving off relegationVirginia board votes to restore Confederate names to schoolsMock coffins fill a square in Milan in a protest over workplace safety in ItalyLions made OT Giovanni Manu of Tonga the 1st NFL draft pick from University of British ColumbiaVirginia board votes to restore Confederate names to schools
3.0358s , 6516.21875 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,International Investigation news portal