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:
Westfield Bondi Junction incident live updates: Heartbreak as mother of nineSamuel Ersson blanks Devils to keep Flyers' slim playoff hopes alive in 17 shot dead in 2 locations in U.S. IllinoisSri Lankan navy apprehends 12 Indian fishermen for poachingU.S. transportation authority report finds missing bolts in Boeing door plug blowoutIsrael's airUN chief to convene with key donors to ensure continued support for Palestine refugees relief workU.S., Britain launch airstrikes against Houthi camps in YemenMacKenzie Gore strikes out 11 as Nationals beat Athletics 31 killed in police action on farmers in India
2.4278s , 6503.4375 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Grandeur news portal