IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
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
Shooting injures 2 at Missouri high school graduation ceremony
CAPE GIRARDEAU, Mo. (AP) — Two people were injured when gunfire broke out during a high school gradu2024-05-21- HONOLULU (AP) — Honolulu has agreed to grant or deny applications to carry guns in public within fou2024-05-21
A cyberattack forces a big US health system to divert ambulances and take records offline
TOPEKA, Kan. (AP) — A cyberattack on the Ascension health system operating in 19 states across the U2024-05-21Mariners starter Bryan Woo leaves in 5th inning with arm tightness but expected to make next start
SEATTLE (AP) — Mariners’ starter Bryan Woo left Friday’s game with one out in the fifth inning for p2024-05-21Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
ST. PAUL, Minn. (AP) — A plan to boost pay for Uber and Lyft drivers in Minnesota that lawmakers bel2024-05-21Taylor Swift is related to the longest
Taylor Swift reportedly has royal blood running in her veins.The singer-songwriter, 34, is distantly2024-05-21
atest comment