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.
Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
Draft rules to improve data security released
Across China: Chinese people pay tributes to legendary ancestor
Hayao Miyazaki's animated fantasy further leads Chinese box office
Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
Ancient noble tomb found in east China's Jiangsu
Central Committee revised regulations on inspection work
Chinese vice president addresses civilization and sinology forum
Bella Hadid goes braless in a thigh
Xi Calls for Solid Efforts to Further Development of Central Region
The government wants to buy their flood
Across China: Chinese people pay tributes to legendary ancestor