IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan

The IMF says it will immediately release the final $1.1 billion tranche of a $3 billion bailout to Pakistan. Pakistan needs the money to overcome one of the worst economic crises in its history. As part of the bailout conditions, the government had 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 Monday that the “determined policy efforts” have brought progress in restoring stability.