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
The fightback begins: Boss of London's Queen Mary University tells pro
A university boss has been praised after telling a pro-Gaza student mob he will not meet them until2024-05-21Cathay Pacific asks staff to take three weeks unpaid leave as coronavirus hits bottom line
Your web browser is no longer supported. To improve your experience update it here2024-05-21Major sewerage line threatened by slip on Hutt River cliff
A slip at the top of a 6-7m high cliff alongside the Hutt River at Taitā, is eroding ground just met2024-05-21Boeing CEO Dave Calhoun to step down in shakeup amid safety crisis
Boeing CEO Dave Calhoun. Photo: Aaron Schwartz / NurPhoto via AFP2024-05-21US overdose deaths dropped in 2023, the first time since 2018
NEW YORK (AP) — The number of U.S. fatal overdoses fell last year, according to Centers for Disease2024-05-21Journalist and commentator Rod Oram dies after cycling accident
Rod Oram, pictured in a RNZ studio in 2016. Photo: RNZ/Dru Faulkner2024-05-21
atest comment