International Monetary Fund cuts global economic growth target to 3.7%

Sergio Conner
October 12, 2018

Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign.

The U.S. and Chinese exchanges of penalty tariffs in their dispute isn't helping, she said.

Around 32,000 members of the global financial elite are on the Indonesian holiday island for a week of discussions that have been clouded by U.S. President Donald Trump's America First trade policy. It also issued reports this week on government finance and financial stability that warn of the risks of disruptions to world trade.

She recommended more flexibility on capital flow management, adding that some emerging markets, including South East Asian countries, had been far too reluctant to ramp up capital controls to protect their own economies.

He praised host country Indonesia, a democratic, Muslim-majority country of 260 million, for fostering strong growth but noted there was much room for improvement.

Indonesia has endured a slew of disasters in recent months.

The meetings open in the wake of an quake and tsunami on September 28 on Sulawesi island that left more than 2,000 dead and possibly thousands more missing, highlighting disaster-prone Indonesia's safety hazards.

The annual financial meetings take place at a time of growing concern over trends other than trade, such as moves to raise borrowing costs in the US and some other regions to help cool growth and keep inflation in check.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades.

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The country also wouldn't have to knock on the Fund's door if the government managed to convince overseas Pakistanis to send $20 billion in remittances through banking channels, he said.

Yesterday, Federal Minister for Finance Asad Umer called on International Monetary Fund chief Christine Lagarde to formally request the global body for providing financial assistance to cushion the sinking economy of Pakistan.

His government has come under heavy criticism after the decision to seek a bailout package from the International Monetary Fund as Khan in the past had vowed never to seek such assistance and also attacked previous government for going to International Monetary Fund for loans.

Pakistan's foreign currency reserves dropped to $8.4 billion in late September, barely enough for current debt payments.

CHINA LOANS China has made Pakistan a flagship country in its vast Belt and Road infrastructure building programme, pledging about $60 billion in financing for ports, railways and roads.

"In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country", Lagarde told a news conference when asked about Pakistan's debts to China. The central bank also burnt through currency reserves defending the rupee.

Bali has suffered terrorist bombings in the past, and the event was being held amid tight security.

Registration for the houses will begin from Thursday with the cooperation of National Database and Registration Authority (NADRA), which has been tasked with collecting data to identify those in need. "The Orange Line Train project is in debt and we will have to borrow for it".

The IMF said the balance of risks was now tilted to the downside, with a higher likelihood that financial conditions will tighten further as interest rates normalise, hurting emerging markets further at a time when US-led demand growth will start to slow as some tax cuts expire.

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