Pakistan to seek International Monetary Fund bailout to overcome financial crisis

Pakistan       by Usman Arshad | Published

"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. The U.S. economy is expected to grow 2.5 percent in 2019.

The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices, rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion USA goods trade surplus. -China tariff war's impact to be felt next year, the Fund cut its 2019 US growth forecast to 2.5 percent from 2.7 percent previously, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.

The IMF, whose autumn meetings with the World Bank get under way on the Indonesian resort island of Bali this week, also noted that while the banking system has been shored up by regulators in the decade since the 2008 global financial crisis, easy financial conditions are contributing to a buildup of vulnerabilities such as high debt levels and "stretched" asset valuations.

Still, the trade disputes sparked by President Donald Trump that have led to tit-for-tat exchanges of tariffs among major trading partners are affecting China, other Asian economies and more vulnerable countries like Argentina and Turkey, along with Brazil.

The United States and China - the world's two biggest economies - are sparring over Beijing's aggressive effort to challenge American technological dominance.

The fund also pointed to risks from high corporate debt and too much government borrowing, a hangover from fiscal stimulus measures and government rescue spending in the wake of the 2008 global financial crisis.

"If you have the world's two largest economies at odds, that is a situation in which everyone, everyone is going to suffer", International Monetary Fund chief economist Maurice Obstfeld said Tuesday.

Red Sox eliminate rival Yankees, advance to ALCS
It was the second shortest home run in Yankee Stadium the season at 338 feet, according to The Athletic . Asked whether Hernandez was the reason the Yankees lost, Sabathia responded: "Not at all".

Kanye: 'Trump hat made me feel like Superman'
Complaining about prison sentences, West said that people fall through a "trap door" and "end up next to the Unabomber". West rejected the notion that celebrities must have "a monolithic voice that forced to be for a specific party".

LeBron James Viewed Opportunity To Build New Lakers' Culture As Major Positive
The Lakers have one more meaningless game before the actual 82-game grind starts for them next week. As the Lakers will play the Warriors again in the preseason finale, the priority is health.

Broadly speaking, global financial conditions remain accommodative and supportive of near-term growth, albeit somewhat tighter than six months ago.

The Fund says the global economy's growth target has dropped by 2 percent from the initial 3.9 percent. -China tariff war's impact to be felt next year, the fund cut its 2019 US growth forecast to 2.5 percent from 2.7 percent, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.

In the last few years in India private debt has declined from nearly 60 per cent to 54.5.

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

U.S. stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warns. German growth was revised down to 1.9 percent in both 2018 and 2019 due to a slowdown in exports and industrial production.

The International Monetary Fund (IMF) on Tuesday said growth prospects in Africa are being held down by poor economic development in Nigeria, South Africa and Angola.

Related News:



Most liked

Cyclone Titli makes landfall in Odisha, more
The cyclone also uprooted several trees, electricity poles and communication towers, disrupting normal life. Sea conditions will remain rough to very rough along and off the West Bengal coast till Friday evening.

Kanye West said that Apple should build Trump an iPlane
Complaining about prison sentences, West said that people fall through a "trap door" and "end up next to the Unabomber". Instead, the company has suggested in the past that users select passcodes with unique significance only they may know.

Senate confirms 15 more judges, wrapping up a GOP priority
Senate Democratic leaders defended the decision as an obvious one. Some Republicans said they received death threats. The Democratic candidate 45 percent.

Koepka named PGA Tour Player of the Year
Many were not sure how Brooks would play this year. "Looking at the list of the guys who have won this, Mr. He leaves this weekend for the CJ Cup in South Korea, followed by the HSBC Champions in Shanghai.

United Nations chief calls for more attention to mental health
Chiara Servili, an adviser at the WHO's Department of Mental Health and Substance Abuse, said that schools play an important role in all this.

'Joker' extras got locked in subway, had to pee on the tracks
The film follows the transformation of a struggling stand-up comedian to a full-blown criminal force of nature. Filming on Joaquin Phoenix and Todd Phillips' Joker has gotten off to an unpleasant start, to say the least.

Amitabh Bachchan talks about sexual harassment at workplace: Happy Birthday Amitabh Bachchan
The actor said she was being forced and pressurised to do the steps but after she refused, the producer threatened to defame her. Recently, Dutta received an apology from CINTAA for not taking timely action after she filed a complaint.

Ben Affleck Signs For New Movie With Gavin O'Connor
However, yesterday the news broke that Gunn is now in talks with DC to tackle the sequel to Suicide Squad . Ayer denied studio interference , insisting re-shoots were intended only to add even more action.

Dutch PM 'cautiously optimistic' about progress on Brexit talks
Downing Street earlier warned there were "big issues still to resolve". She'd be ripping up her guarantee to support the PM in the commons.

Astronauts Survive Emergency Landing After Russian Rocket Launch Fails
Soviet cosmonauts Vladimir Titov and Gennady Strekalov jettisoned and landed safely near the launch pad after the Soyuz explosion. NASA released a statement after a Russian booster rocket on a mission to the International Space Station failed after launch.

Rishabh Pant breaks into Indian ODI team after runs in Tests
In his 28 match List A career so far, Pant has scored 838 runs at an average of 28.09, with one century and five half-centuries. Raina could have been the flawless No.6 batsman who can take up Jadhav's position for the West Indies series.

Weinstein wins dismissal of criminal charge for alleged sex assault
This decision comes after Weinstein's lawyers argued that there are legal problems with the criminal case against him. On that evening, Weinstein allegedly offered to give both women cash in exchange for exposing their breasts to him.

Google shuts down Google
The consumer version of Google + now has low usage and engagement: "90% of Google + user sessions are less than five seconds". Google on Monday said it has chose to shut down its social media network, Google +.

Facebook Unveils Smart Home Device Amid Privacy Concerns
The microphone and camera can be fully disabled with just one tap, and each device comes with a camera cover for added security. If you have seen the Amazon Echo Show before, then you probably have an idea what the smaller Portal looks like.

The FSF Wants Microsoft To Do More To Help Fight Software Patents
However, the company is not making patents such as Windows' desktop and desktop application code open source. Member companies also promise not to assert their patents against the Linux Community.