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:
PSG star Tabitha Chawinga of Malawi overcomes obstacles en route to Champions League successDAILY MAIL COMMENT: Can PM climb this electoral mountain?Belgian and Czech leaders exhort the EU to react amid concern over Russian election interferenceStock market today: Asian shares gain despite Wall Street's techBucks' Damian Lillard makes progress with his adductor issue before the start of the playoffsPotential and sound growth of real estate sector stressedNFL draft has potential to set a record for most players on offense selected in the first roundIran stages huge parade of weapons and gooseNorth Carolina high school student, 16, is suspended for saying 'illegal alien' in classCongress moving swiftly on bipartisan action to punish Iran after revenge attack on Israel
2.4662s , 6502.0859375 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,International Interplay news portal