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:
'Bluey' hits the mark with children and adults alikeClosing prices for crude oil, gold and other commoditiesNational Guard delays Alaska staffing changes that threatened national security, civilian rescuesEvent to promote love of reading to be held in KunmingThe 12 jurors picked in Trump's hush money trial, including a woman who called him 'selfish'China's BYD adds new dealership in TokyoNew York Rangers captain Jacob Trouba may be the most interesting man in hockey, on and off the iceLottery 'loser' boyfriend, 39, who is fighting his exMan dies in fire under Atlantic City pier near homeless encampmentPSG loanee Ekitiké scores winner as Eintracht Frankfurt beats Augsburg
3.2924s , 6575.1484375 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Grid news portal