Pakistan should disclose debts with absolute transparency

Christine Lagarde  International Monetary Fund  Flickr

In a new simulation exercise to show trade war risks to the global economy, the International Monetary Fund modeled the effect of an all-out US-China trade war, coupled with threatened global US auto tariffs and retaliation from trading partners.

She added: "Moreover, some of the risks that we have highlighted at our spring meetings in April have now begun to materialise, especially from the rising trade barriers".

She said: "We certainly hope we don't move in either direction of a trade war or a currency war".

Prominent U.S. academic Jeffrey Sachs was less diplomatic in his assessment of Trump's shepherding of American trade relationships, slamming the president's repeated claims that deficits with China and other nations meant Americans were being taken advantage of.

"De-escalate, fix the system, and don't break it", she said.

President Donald Trump in news conference during UNGA in September.

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

During the Cabinet meeting, Imran Khan instructed the finance Ministry to conduct an analysis of how Pakistan's debt increased from Rs 6,000 billion to Rs 30,000 billion in the span of 10 years, Radio Pakistan reported. They also want to help further stimulate exports. "I am a globalist". The country is ranked 87th of 150 countries in the list. Before dawn on Thursday, an earthquake collapsed homes on Indonesia's Java island, killing at least three people just two weeks after a major quake and tsunami disaster in a central region of the archipelago killed more than 2,000 people and left perhaps thousands more buried deeply in mud.

Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up.

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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.

China has already clarified that Pakistan's debt burden was not caused by CPEC or related projects.

"Today, I met with Pakistan's Minister of Finance, Revenue and Economic Affairs, Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa, and members of their economic team", said a statement released by Ms Lagarde's office.

The premier is now chairing a meeting of the federal cabinet during which important decisions pertaining to the country's economic situation and the bailout package from International Monetary Fund (IMF) are expected to be discussed.

Reserves have plummeted 41 percent this year to stand at $8.3 billion, or about 1.6 months of import cover, despite China lending billions of dollars to Islamabad to prop up the currency.

Talking about possible recourses to bridge the deficit, PM Khan said the total amount laundered out of Pakistan annually, according to the US State Department, is $10 billion. 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".

"It's inevitable that central banks make the decisions that they make". A convoy of armed personnel carriers was lined up alongside a beach path and access to the area was tightly controlled.

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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