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.
United Methodists prepare for votes on lifting LGBTQ bans and other issues at General Conference
Visa exemption agreement will further enhance Sino
County in China's Shaanxi transforms ecological resources to green economy
China contributes over 50% growth to global renewable energy capacity in 2023
Syrian, Russian forces destroy 'terrorist' strongholds in N. Syria
Xinhua Commentary: For China and U.S., One's Success Is an Opportunity for the Other
More Chinese students experience unwarranted interrogation, harassment, deportation at U.S. border
Annual spring farming ceremony held in China's Tibet
Why International Criminal Court has Israeli officials worried
China's PLA aerobatic team to perform at world defense show in Saudi Arabia
Classic Peking Opera films set for screening in Beijing
China may overtake Japan in patent filings at EPO