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:
Entrepreneur Helps Rural Women Shake off Poverty in Northwest ChinaSaudi Arabia set for Chinese touristsChina opens taekwondo gold account at Hangzhou AsiadBeauty of Chinese Culture Highlighted During Winter OlympicsTajik Student Experiences Winter Olympic Atmosphere in YanqingPromoting Harmony Within FamiliesHeadmistress Committed to Primary School Education for DecadesZheng Zhenxiang: A Life Dedicated to ArcheologyExperiencing Uygur Culture in KashgarAccelerating Development of Eco
2.6694s , 6499 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Glossary news portal