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:
Europeans want governments to focus more on curbing migration than climate change, a study saysUS weather: Tornadoes kill 3 as forecasters warn of wave of dangerous stormsTurnbull scores twice as Toronto cruises past Minnesota 4Netflix drops major actor from Wednesday season 2 as the cast reunite in behindSydney Sweeney will play historyKosovo backs Ukraine even though Kyiv has not recognized its independence, foreign minister saysThink tank report highlights China's approach to modernizationTurnbull scores twice as Toronto cruises past Minnesota 4Yankees slugger Giancarlo Stanton hits 119.9 mph home run, hardestWhat happened when we sent LIZ JONES on a blind date
3.4241s , 6497.6640625 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Gaze news portal