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. |
Xi sends congratulatory letter on completion, operation of Qinling Station in AntarcticaBridge on Xiong'an Expressway in placeChina's scientific research activities in relevant waters for peaceful purposesFeature: Remote Ugandan villages visualize better future with Chinese oil works in backyardLawmakers vigilant of use of AI in fraudFeature: China's satellite TV aid project enlightens remote rural villages in AfricaXi Stresses Contributing to Chinese Modernization with Solid ActionsXi congratulates Aliyev on reChinese company signs MoU with Ethiopia to light up offMainland calls for peaceful development of cross