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:
Special School Teacher Educates Minds and More of Hospitalized StudentsXie Ai'e: Always Thinking About PeoplePic Story of Raptor Rehabilitator in NE ChinaHeartwarming Reunion Raises Toast to China's Medical Aid Missions AbroadGLOBALinkPic Story of Raptor Rehabilitator in NE ChinaAcross China: Medicinal Plant Brews up Sweet Life for LocalsChina issues guidelines for enforcement of 10China's twin sisters win artistic swimming duet title at Hangzhou AsiadPeng Yan Leads Team in Developing USVs
2.5626s , 6491.4140625 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Culture Circle news portal