IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
Time:2024-05-21 08:50:00 Source:styleViews(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:Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
Next:Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
You may also like
- Investigators return to Long Island home of Gilgo Beach serial killing suspect
- Hapoel Jerusalem win Israel's basketball State Cup
- Anya Taylor
- Chinese sci
- Yvette Fielding says her Most Haunted co
- Youngkin vetoes bills on skill games, contraception and Confederate heritage tax breaks
- Lod, Jeong rally Minnesota United to 2
- Bruno Fernandes hints at 'thinking about' leaving Man United after Euro 2024
- The fightback begins: Boss of London's Queen Mary University tells pro