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. |
Red Bull chief technical officer Adrian Newey to step down from F1 teamNorthwestern University reach deal with student protesters that sparks criticismMan makes shocking 100How AI is facing its 'Oppenheimer moment'Japan's Kishida will stress rulesRollout of transgender bathroom law sows confusion among Utah public school families'Lock your doors... everyone lock your doors!' MinuteTaylor Swift is being given too much airtime by the BBC, exasperated viewers tell the corporation2 London police officers remain hospitalized after confronting sword2 London police officers remain hospitalized after confronting sword