Pakistan to begin bailout talks with International Monetary Fund

13 October, 2018, 05:05 | Author: Charlene Valdez
  • Govt decides to ‘immediately’ approach IMF

In the World Economic Outlook report released in July, the Bretton Wood institution had projected that Nigeria's economy would grow by 2.1 percent in 2018 and 2.3 percent in 2019.

IMF's forecasts for Hong Kong's economic outlook are mixed: it raises its forecast for 2018 by 0.2 percentage points to 3.8%, while cutting its forecast for 2019 by 0.3 percentage points to 2.9%.

The IMF sees Hungary's GDP growth slowing to 3.3 percent in 2019.

At the International Monetary Fund and World Bank annual meetings news conference in Bali, Maurice said that Pakistan is facing economic deficit due to low reserves.

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The Chinese central bank will focus on the domestic economy when making adjustments to its monetary policy, Yi also said, indicating that the PBOC's decision-making will be influenced less than before by changes in the external environment such as recent interest rate hikes by the U.S. Federal Reserve. Trump has justified the higher US tariffs as a response to the trade imbalance between the two countries, and China has swiftly responded with higher levies on USA imports.

"Trade policy reflects politics and politics remains unsettled in several countries, posing further risks", IMF chief economist Maurice Obstfeld told a press briefing in Bali, where the fund kicks off its annual meetings this week. Rather than rising, growth has plateaued at 3.7 percent.

It said trade tensions between the United States and China, which has led the countries to implement tarriffs against each other, had played a role in the tempered global expectations. South Africa, only 0.8 per cent this year; Angola, contracting by 0.1 per cent this year.

The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018.

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In addition to the trade barriers, the International Monetary Fund said higher interest rates are also contributing to slowed economic growth. "Not only have some downside risks we identified in the last WEO been realized, the likelihood of further negative shocks to our growth forecast has risen".

It said, the prediction is lower due to recent increase in oil prices and the tightening of global financial conditions.

It also wants fresh loans from China, which has already invested heavily in roads and the energy sector.

The trade confrontation weighs on China in particular, where growth is projected to slow to 6.6 per cent this year and 6.2 per cent in 2019, a downgrade of 0.2 points.

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The new 2019 forecast is 0.2 percentage points lower than the fund's previous forecast, reflecting the waves of new tariffs that have taken effect since then.

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