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.
Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
Surging auto insurance rates squeeze drivers, fuel inflation
The human foods that could be making your dog fat, revealed
Jogger is left terrified after hair
Candice Swanepoel stuns in a form
Jogger is left terrified after hair
Doctors combine a pig kidney transplant and a heart device in a bid to extend woman's life
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Durek Verrett labels Princess Martha Louise of Norway his 'sun and moon'
Investigators return to Long Island home of Gilgo Beach serial killing suspect
The summer after Barbenheimer and the strikes, Hollywood charts a new course