IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
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
Analysis: Larson enters conversation with Verstappen as best drivers in the world
INDIANAPOLIS (AP) — Ask almost any hardcore motorsports fan who the best driver in the world is righ2024-05-21China's 14th National Winter Games heat up tourism in N China
(Xinhua) 08:51, February 18, 2024HOHHOT, Feb. 16 (Xinhua) -- As the sun climbed high in Hulunbuir, n2024-05-21Boeing plane makes emergency landing after engine cover falls off
A Boeing 737-800 plane made an emergency stop on Sunday after the crew reported the engine cowling f2024-05-21Shenzhen Makes Efforts to Help Autistic Youths Integrate into Society, Chase Dreams
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21Everybody may love Raymond, but Ray Romano loves Peter Boyle
NEW YORK (AP) — “Baffling” is how Ray Romano calls the continued success of “Everybody Loves Raymond2024-05-21Across China: 'Village CEOs' Transforming Rural Dreams into Reality
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-21
atest comment