Wednesday, 19 December, 2018

International Monetary Fund to launch financial assistance talks with Pakistan

Finance Minister Asad Umar speaks in a video message. — DawnNewsTV Finance Minister Asad Umar speaks in a video message. — DawnNewsTV
Russell Knight | 12 October, 2018, 00:27

Asked how would the IMF react to Pakistan's request for an emergency bailout package, he said: "As with any member in good standing, they are certainly entitled to request financial support from the Fund".

"It's tempting to be a bit depressed about this perspective but I'm actually hopeful because there is a clear appetite to improve and expand trade", she said.

Asked about the escalating dispute between the USA and China, Lagarde said that so far there had been no "contagion" of major damage from penalty tariffs imposed by the two countries on each other's exports, but that they do risk hurting "innocent bystanders".

The body now expects the USA economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates.

In addition to the trade barriers, the International Monetary Fund said higher interest rates are also contributing to slowed economic growth.

But the BSP, after the 6.7-percent inflation rate in September was announced last Friday (October 5), said inflation may have actually peaked during that month and is expected to decelerate in 2019 and 2020 in the absence of further shocks.

"To that, my answer is "probably not enough" because we clearly see growth has plateaued three years in a row - it is at 3.7 percent - and we also see that growth is unevenly allocated around the world".

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The sources said that the International Monetary Fund could place strict conditionalities, forcing Pakistan to seek additional loans for meeting those restrictions and this could expand the loan facility to $12bn.

Out the few biggest economies, Mr Milesi-Ferretti particularly identified the situation in Nigeria and South Africa as capable of having the greatest impact as their sphere of influence affects a number of neighbouring countries due to their size.

Speaking at her maiden press conference for the ongoing annual meetings of the IMF and World Bank Group, Christine Lagarde, IMF managing director, recommended a tight monetary policy.

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.

An IMF delegation will visit Pakistan in the coming weeks to discuss a possible IMF support economic programme. On Tuesday, the Pakistani rupee plunged 7 per cent in an apparent central bank devaluation, the country's fifth devaluation since December.

The former cricketer said Pakistan will need $10 billion-$12 billion assistance in all, but said that should not be "a major issue". The Finance Minister shared with the World Bank leader, the vision of the new government and its priorities. A convoy of armed personnel carriers was lined up alongside a beach path and access to the area was tightly controlled. Systematic compilation of use of public sector balance sheets can lead to lower debt servicing costs and higher return on assets, better management of risks.

Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion US trade deficit.

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