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:
Xi Congratulates Felix Tshisekedi on Reelection as DR Congo's President4 dead in Ecuador traffic accidentNortheast China launches first crossVenice faces UNESCO Heritage List demotion1 year on, crossMultiple indicators signal upward trend in Chinese economyChinese President Appoints New AmbassadorsFeature: How Chinese are helping Suriname turn around its farming fortunesPalestinian death toll in Gaza rises to 33,729: ministryBrazilian president inaugurates 1st shipment of meat exports to China
3.4206s , 6491.4140625 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Gesture news portal