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. |
'Sister ShoulderMother's Entrepreneurship Recycling Fund Celebrating 25th AnniversaryMy side hustle makes me an extra £1k a monthReal Madrid 1Guzheng: Chinese Stringed Instrument with LongAmazing International Fashions Integrated with Traditional Chinese Cultural ElementsUygur Woman Shows Charm of Xinjiang Through Fabulous DanceTianmu Mountain: A Treasure Chest of Flora and Fauna'Sister ShoulderCCTV gala's branch venues prove hit with tourists