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IMF, Pakistani officials to meet today as govt seeks bailout
12 October 2018, 11:43 | Joann Bryant
Pakistan by Usman Arshad | Published
"There are clouds on the horizon".
Pakistan has not formally approached the International Monetary Fund for financial assistance despite its economic woes, the IMF's chief economist said on Tuesday.
The delegation will leave for Bali to attend the meeting taking place on the Indonesian island from October 12 to 14, sources within the Ministry of Finance said, adding that Finance Minister Asad Umar will meet the International Monetary Fund officials on the sidelines of the meeting, where he will discuss the challenges confronting the Pakistani economy and the proposed International Monetary Fund loan programme. The Trump administration has penalized almost half of all imports from China and has threatened more for the other half.
It stressed that "cooperative solutions" to boost continued growth in trade "remain essential to preserve and extend the global expansion".
"We also see that growth is spread more unevenly among countries".
If projections are true, then India would regain the tag of fastest growing major economies of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.
The IMF's cut to its outlook was broad-based.
"There is no denying that the susceptibility to large global shocks has risen", the IMF's top economist Maurice Obstfeld told reporters after the fund cut its outlook for global GDP growth by 0.2 percentage points to 3.7 percent for 2018 and 2019.
Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on USA products entering China.
The fund cut its 2019 USA growth forecast from 2.7 per cent to 2.5 per cent, and the China growth forecast from 6.4 per cent to 6.2 per cent. Obstfeld, who retires from the Fund later this year, said there were bright spots with some Latin American and African nations getting growth forecast upgrades.
However, Bank Indonesia's senior deputy governor Mirza Adityaswara said that despite the stronger fundamentals, the economy still faces a widening current account deficit.
United Kingdom growth has been drastically cut in the aftermath of the Brexit vote; uncertainties surrounding the country's divorce from the European Union have stymied investment and seen part of its key financial sector relocate to the continent.
China's economy could also take a hit: The IMF revised its forecast for economic growth in 2019 down to 6.2 percent, slightly lower than previous estimates and down from 6.6 percent this year.
"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the longer term".
"We're seeing more and more countries, China included, let their currencies fluctuate", Lagarde said.
Speaking to journalists in Bali, the Deputy Director, Research, IMF, Gian Maria Milesi-Ferretti, said the largest economies on the continent were holding down economic development in Africa as a result of poor growth rate.
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