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.
Chinese FM meets with chairman of MSC Foundation
IOC launches innovative Paris 2024 mobile game
Wu Lei brace sees China cruise past Singapore
California is joining with a New Jersey company to buy a generic opioid overdose reversal drug
Gunnar Henderson becomes youngest player to hit 10 homers before May 1 as Orioles defeat Yankees 2
Southgate names England squad for friendlies
Yang sets national record in women's 100m freestyle
Celebrity birthdays for the week of May 5
Neymar to return to Santos in 2025: reports
Immersive Studio Ghibli exhibition opens in Shanghai
UN asks South Sudan to remove new taxes that led to a pause in food airdrops