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:
Cavaliers Donovan Mitchell to miss Game 4 against CelticsSpencer Torkelson's 2Giants place Jung Hoo Lee on injured list with a dislocated left shoulderIncyte, Squarespace rise; Chimera Investment, Amazon fall, Monday, 5/13/2024GameStop, AMC stocks surge as Roaring Kitty returnsTrump hush money trial: Michael Cohen returns to face crossLea Michele reveals sex of her second child in sweet Mother's Day postHaitians break taboo on mental health services after violence traumatize kidsLea Michele reveals sex of her second child in sweet Mother's Day postFormer Mormon lifts the lid on how the cult
3.0822s , 6516.265625 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,World Web news portal