IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
Time:2024-05-21 16:57:34 Source:travelViews(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:Mystery artist who erected signs comparing pothole
Next:Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
You may also like
- Trump accepts a VP debate but wants it on Fox News. Harris has already said yes to CBS
- Xi stresses developing new quality productive forces
- Dallas doctor convicted of tampering with IV bags linked to coworker's death
- Xi sends congratulatory letter to Understanding China Conference
- Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
- Juventus poor run continues in 0
- CPPCC members interviewed before closing meeting of 2nd session of 14th CPPCC National Committee
- Macao SAR Legislative Assembly approves chief executive election law amendments
- Fresh heartache for cancer