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:
UK cuts national insurance contributions for workers in spring budgetSyria condemns U.S. air raids, vows to continue war on terrorismNicolai Hojgaard goes from late thirdCapitals beat the Lightning 47 killed, 18 injured in Ukrainian rocket attack on Russia's BelgorodTexas blocks U.S. border patrol, Biden gov't asks Supreme Court to interveneIraq, U.S. resume dialogue on ending U.S.Frank Nazar turns pro, signing 3UN chief to convene with key donors to ensure continued support for Palestine refugees relief workAlaska judge finds correspondence school reimbursements unconstitutional
2.1954s , 4667.4453125 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Stellar Standpoint news portal