IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
Time:2024-05-21 06:20:53 Source:healthViews(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:'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
Next:Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
You may also like
- Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
- China moves to provide convenient payment services for foreigners
- Vietnam police arrest assistant to National Assembly chairman — Radio Free Asia
- The easily missed detail in the photos of Queen Mary's children
- What a blast to work at NASA. Space agency is sky
- Damian Lillard sets Bucks' postseason mark with 35 points in opening half vs Pacers
- Takeaways from AP report on how the search for the coronavirus origins turned toxic
- Former senior policy advisor to Obama White House charged with child sex offences in British court
- Six killed in a 'foiled coup' in Congo, the army says