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:
Embassy welcomes 'home' overseas ChineseFirst Hong Kong tour group arrives in BeijingXinhua Commentary: World benefits from greater ChinaXi Focus: Xi Stresses Promoting Equipment Renewals, TradeChina champions peace, development, confronts jackals, wolves head onChina's 1st domestically made polar icebreaker Xuelong 2 visits HKSARChina donates medical equipment to local hospital in TanzaniaWorld leaders extend Chinese New Year greetingsTikTok affirms commitment to upholding online safetyEconomic Watch: China remains popular destination for foreign investment
2.8826s , 5260.828125 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Earth Enquirer news portal