IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
Time:2024-05-21 14:19:35 Source:opinionsViews(143)
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.
Previous:Everybody may love Raymond, but Ray Romano loves Peter Boyle
Next:Brazil replaces injured goalkeeper Ederson in Copa America squad
You may also like
- Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine
- NATASHA LIVINGSTONE: Straight
- Who is Tiggy Legge
- Meghan Markle purchased pair of £1990 diamond earrings from Dragons' Den hopefuls
- Who is Jacob Zuma, the former South African president disqualified from next week's election?
- 'Catherine is thrilled by the kind wishes and support': Camilla thanks well
- Not b***** likely! How straight
- From gadget king to royal Luddite
- 'Constantly learning' Imanaga off to impressive start with the Chicago Cubs