Pakistan has formally requested for financial assistance

Pakistan has formally requested for financial assistance

Pakistan has formally requested for financial assistance

The spokesperson's comments came on a day when Pakistan's Finance Minister Asad Umar met with IMF Managing Director Christine Lagarde in Nusa Dua, Indonesia and formally sought a bailout from the global lender.

The ongoing trade war between the US and China could start having material effects on the economies of both countries within the coming years, according to new projections from the International Monetary Fund (IMF). Asked about such concerns earlier on Thursday, Lagarde told a news conference that any International Monetary Fund loan, to Pakistan or other countries, requires "a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country".

Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals.

"We need to join hands to fix the current trade system, not destroy it", she added.

Citing the U.S. tariffs on China and Beijing's retaliatory measures, as well as U.S. President Donald Trump's plan to impose global automobile and parts tariffs, International Monetary Fund chief economist Maurice Obstfeld said he regards "further disruption in trade policies" as major near-term downside risks.

But she said the WTO does need to work on addressing issues like subsidies. Indonesian officials said the worst damage occurred on Java island.

"We'd see a clear slowdown in the economy and the impact on developing countries would be great", said Kim.

"That would certainly be a very strong recommendation that I would give".

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Lagarde also, somewhat obliquely, said policies aimed toward an excessively "dominant position" were not compatible with free and fair trade.

Based on the trade tariffs already in place, the organisation revised down its estimates of world growth this year and next by 0.2 of a percentage point to a still healthy 3.7 per cent.

"Of the many qualities of Jerome Powell is he's an individual who really understands the plumbing of the USA and the global financial system", Carney said. "I am a globalist".

Besides, the Africa Export Import Bank (Afreximbank) said it had committed more than $3.2 billion in Nigeria to support virtually all the financial institutions in terms of lines of credit for import and export activities as well to assist small and medium-sized enterprises (SMEs). China's economy is also showing signs of moderating and that could be exacerbated by its trade disputes with the United States, which has imposed tariffs on $250 billion worth of imports from Beijing and is threatening duties on $267 billion more.

In the low income countries, a key challenge is to improve people's livelihoods by meeting the Sustainable Development Goals by 2030.

The US growth forecast for 2019 is down from 2.7% to 2.5%. Any such help would have to be completely "transparent", she added.

In China, the situation remains "broadly stable", although corporate debt is above historical levels and household borrowing is at the high end among emerging countries. The meetings include sideline events staged by non-governmental organizations.

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