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. |
Colleagues, family react to death of AP reporter Terry AndersonHarmonious picture of human and nature in China's coastal city Xiamen3 Germans arrested on suspicion of spying for China, transferring info on potential military techMichael Jordan celebrates NASCAR Talladega win with driver Tyler Reddick's sonWhat the cost of insulin may mean for Biden's campaignGreek and Turkish delegations meet in Athens as part of efforts to improve often strained tiesNicola Peltz breaks her social media silence after missing out on motherKevin Costner treats his kids to lunch in Montecito while exFans fear for one Irwin 'family member' as she vanishes from their socials: 'What has happened?'Traffic resumes near Copenhagen’s Old Stock Exchange after a fire ruined the 400