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. |
Sarah Jessica Parker channels 1998 Carrie Bradshaw as she sports pink tutuFine dining, at a new high. A MichelinScientists watch orangutan treat its own wound with medicinal plant for the first timeNetherlands' Joost Klein booted from Eurovision 2024Eurovision 2024: Dutch contestant Joost Klein kicked outCampus protests: The history of 'outside agitators,' explainedTrump trial turns to sex, bank accounts and power: Highlights from the third week of testimonyWWII soldiers posthumously receive Purple Heart medals 79 years after fatal plane crashGasser pitches 6 shutout innings in his debut as Brewers roll past slumping Cardinals 11The Wire star Jamie Hector speaks out about a possible REBOOT of the hit HBO series