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
Student fatally shot, suspect detained at Georgia's Kennesaw State University
ATLANTA (AP) — Officials at Georgia’s Kennesaw State University say a student was killed in a weeken2024-05-21I had a £100 shampoo lesson with Kate Hudson's hairdresser
As I woke up on a Tuesday morning with a slightly damp and tangled barnet that resembled a lion's ma2024-05-21Trump's economy record exposes a complicated reality during presidency
WASHINGTON (AP) — It was a time of fear and chaos four years ago.The death count was mounting as COV2024-05-21American coastal town torn apart as emotions overflow in 400
Residents in the coastal Massachusetts town of Ipswich are at war over plans to tear down a historic2024-05-21College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
The field for the NCAA baseball tournament will take shape this week with conference tournaments det2024-05-21RCEP to bring more vitality and certainty
The Regional Comprehensive Economic Partnership - a free trade agreement that has created the world'2024-05-21
atest comment