IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
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
Shooting injures 2 at Missouri high school graduation ceremony
CAPE GIRARDEAU, Mo. (AP) — Two people were injured when gunfire broke out during a high school gradu2024-05-21China economy update: Evergrande shares plunge 70 per cent
Your web browser is no longer supported. To improve your experience update it here2024-05-21Ukraine's Zelensky warns of dwindling air defence missiles
Volodymyr Zelensky. Photo: TIMOTHY A. CLARY / AFP2024-05-21HK gov't declines to say how much funding it gave for 'Chubby Hearts'
The government has declined to reveal how much funding it provided for an open-air art installation2024-05-21Messi in and Dybala out in Argentina squad for pre
BUENOS AIRES, Argentina (AP) — Lionel Messi is in and Paulo Dybala is out of Argentina’s squad for f2024-05-21Alicudi: Italian island offers goats up for adoption
By Hafsa KhalilGoats outnumber people six to one on the Italian island of Alicudi, a census has esti2024-05-21
atest comment