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:
U.S. using Taiwan as 'pawn', says spokespersonChina applauds Arab League's adoption of ChinaWang's NZ visit comes at pivotal time in relations, analysts sayPhilippines urged not to disrupt peaceWang warns against stirring trouble in the Korean PeninsulaWang warns against stirring trouble in the Korean PeninsulaChina's envoy calls for collective action on nuclear disarmamentPhilippines urged not to disrupt peaceWeaponization of human rights slammedNational security bill comes into law on March 23
3.3721s , 6500.8671875 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Worldly Web news portal