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:
Muhammad Ali's 'Thrilla in Manila' trunks expected to sell for $10mLive export ban petition passes 20,000 signatures, organiser wants five times thatCoronavirus: China to temporarily ban foreign nationals from entering in bid to reduce COVIDGreens in 'defensive mode' over Golriz Ghahraman allegationsMuhammad Ali's 'Thrilla in Manila' trunks expected to sell for $10mCall for schools soft drink ban renewed after government implements cellphone banGovernment holds first carbon auction of the year after four failuresEvent: Asia’s budding filmmakers prepare for Shorties Film Festival 2020New Zealand is in a recession: What you need to knowFormer Governor
3.5568s , 6497.5625 kb
Copyright © 2024 Powered by IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan ,Global Gist news portal