Pakistan formally requests International Monetary Fund for bailout

11 October, 2018, 23:00 | Author: Regina Silva
  • Pakistan can easily develop its apparel export industry for this would not require a technology transfer

The global finance agency dropped its projection for world economic growth by two-tenths of a percentage point for both 2018 and 2019 to 3.7 percent, the first time it had trimmed its economic outlook in more than two years.

Pakistani Finance minister Asad Umar, who is attending the fund's annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a "stabilisation recovery programme".

The fund kept its forecast for growth in the Chinese economy unchanged at 6.6 percent this year.

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

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

With weakening growth and uncertainties over trade, smoothing the economic impact of structural adjustments and de-risking "is a very hard act of judgment that policymakers in China have to struggle with", Vitor Gaspar, director of the IMF's fiscal affairs department, told reporters at a separate briefing on its Fiscal Monitor, a report that tracks the state of countries' public finances.

The report said, "Argentina has a currency that is now 20 percent cheap to fair value, and the International Monetary Fund assumes this will already help reduce its current account deficit from 4.9 percent of GDP in 2017 to 3.7 percent of GDP in 2018 and 3.2 percent of GDP in 2019".

"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.

Despite the Federal Reserve's interest rate increases, financial conditions "have eased further" in the U.S.as equity valuations have stayed lofty.

Pentagon Grounds F-35 Fleet After Crash
It represents a step-change in capability but the F-35's complexity has inevitably thrown up problems. So far, the USA military has taken delivery of 245 F-35s, a lot of them to the Air Force.


Hurricane Michael causes 'unimaginable destruction' to Florida
After 1950, 4 major hurricanes came ashore in Panhandle: "Eloise" in 1975, Opal in 1995, Dennis in 2005, and in 2018 - "Michael". A man died from a tree falling onto his house in Florida, and a girl was killed after debris fell into her Georgia home.


Trump Says Murders Shouldn’t Stop Saudi Weapon Sales Because ‘We Have Jobs’
Investigators have not found his body but have video surveillance showing Khashoggi entering the consulate October 2. Social media sleuths identified another man from the squad as a senior crimes scene investigator in Saudi Arabia.


Further threats to global economy include "unsettled" politics and the escalating trade tensions between the USA and China.

One of the most comprehensive studies of the state of banking and markets since the financial crisis warns that "dangerous undercurrents" are a rising threat to the world economy.

The IMF and World Bank meetings, attended by more than 19,000 delegates, showed no sign of disruption from an offshore quake early Thursday morning between Bali and Java island that killed three people.

"An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme", Lagarde added.

Thursday's magnitude 6.0 quake offshore north of Bali shook the area where the IMF-World Bank delegates are meeting, but there were no signs of significant damage.

The requirements are likely to shine a spotlight on the extent, composition and terms of Pakistan's debts to China for infrastructure projects as part of Beijing's massive Belt and Road building program.

The annual summit for global finance brings together central bankers and finance ministers, development experts and civil society groups from across the globe.

"It's in very initial stages, the negotiations haven't started or matured yet, but this is something that we may look towards", Muhammad Hammad Azhar, State Minister for Revenue, said.

Recommended:

  • Woman visits fiancé's grave on wedding day in her bridal gown

    Woman visits fiancé's grave on wedding day in her bridal gown

    His memory was honored at the National Fallen Firefighters Memorial Service on Sunday in Washington, D.C., the channel reported. The heartbreaking photos were shared more than 16,000 times, and many people were touched by the emotional post.
    Chief Justice Roberts refers Kavanagh ethics complaints to Denver circuit

    Chief Justice Roberts refers Kavanagh ethics complaints to Denver circuit

    The judiciary's rules allow members of the public to lodge complaints about federal judges. She said they "do not pertain to any conduct in which Judge Kavanaugh engaged as a Judge".
    Stock prices plummet amid tech selloff, rising interest rates

    Stock prices plummet amid tech selloff, rising interest rates

    A2 Milk Co dropped 6.7 per cent to $9.53, Pushpay Holdings sank 6.2 per cent to $3.50 and Synlait Milk fell 5.4 per cent to $9.15. It's on track for its fifth straight drop, which hasn't happened since right before the 2016 presidential election.
  • Chinese man charged with USA  aviation 'espionage'

    Chinese man charged with USA aviation 'espionage'

    Xu was indicted Wednesday on four counts of conspiring and attempting to commit espionage and theft of trade secrets. Ji was accused of passing information on eight Americans to Chinese intelligence officers for possible recruitment.
    One dead after Hurricane Michael slams into Florida Panhandle

    One dead after Hurricane Michael slams into Florida Panhandle

    He said he plans to visit storm-ravaged areas as soon as he can. The hurricane hit the Florida Panhandle as a category 4 storm. More than 40,000 people lost power across the state.
    Manchester United's Paul Pogba

    Manchester United's Paul Pogba

    Mourinho said at the time: 'The only truth is that I made the decision of Paul not to be the second captain any more but no fall-out, no problems at all.
  • Samsung Unveils the 4-Camera, Midrange Galaxy A9

    Samsung Unveils the 4-Camera, Midrange Galaxy A9

    Overall, the Galaxy A9 (2018 ) hardware looks quite good for a mid-range smartphone, but the price tag will be a deal breaker. In the meantime, what are your thoughts on the Galaxy A9? The A9 is also packed to the brim with other interesting features.

    Google Home Hub is Just Another Smart Display

    Separately, the Google Home support page has been updated to support playback speed controls for news and podcasts. It's not the first of its kind, as Lenovo already has the Smart Display , which has an identical feature set.

    Colorado health department reports 14 cases of polio-like illness in children

    The department of health says the main symptom to look for is a sudden loss of feeling in arms and legs. "Do more research. Chundi says doctors started seeing AFM cases, as far back as 2014 with a total of 362 nationwide to date.
  • Burgoon leads PGA Tour event in Malaysia

    Burgoon leads PGA Tour event in Malaysia

    When I was a kid, my goal has been to be a part of the PGA TOUR . "It is such a pleasure to be here back in Malaysia again". The ace came on the fourth hole, a par three, at the latest stop of the PGA Tour in Malaysia.
    Scottish couple killed during flash floods in Majorca

    Scottish couple killed during flash floods in Majorca

    Trees were torn down as floodwaters swept many cars and trucks into piles of metal and streets were buried under mounds of mud. Emergency services in the Balearic archipelago tweeted that the death toll had risen to 10 and a little boy remained missing.
    After Stock Market Drop, President Trump Says Federal Reserve ‘Has Gone Crazy’

    After Stock Market Drop, President Trump Says Federal Reserve ‘Has Gone Crazy’

    The Dow Jones Industrial Average plummeted 832 points on Wednesday, recording its largest single-day point drop since February. I think the Fed has gone insane ", Trump told reporters on his way to a rally in Pennsylvania. "They're so tight.


Popular

Khabib threatens to leave UFC if teammates fired
Apart from Tukhugov, there were at least two more Nurmagomedov team members who were involved in the fight. He went on: "We all understand that it was a provocation and I'm sure your father understands that too".

President Trump welcomes Kanye West to the Oval Office
West is married to reality television star Kim Kardashian West , who pushed Trump to grant a pardon for a drug offender this year. Once Fox edited the clip, we heard some of West's exuberant 10 minutes in the Oval Office. "Oh, it is good energy", he replied.

Verne Troyer’s Cause of Death Revealed
After he was hospitalized , TMZ reported Troyer was placed on a 5150 hold because authorities believed he was suicidal. He managed to call an ambulance to his home and said repeatedly during the emergency call that he wanted to die .

Trump's stunned silence as Kanye rants in White House
President Donald Trump is having lunch Thursday with rapper Kanye West , who he calls a longtime friend. But West isn't the only star at the White House Thursday.

Samsung's triple-camera Galaxy A7 (2018) is now available in Malaysia
The Galaxy A9 will cost 599 euros (approx Rs 51,300) when it goes on sale I'm the United Kingdom and Europe sometime in November. As Android Authority reports , the phone runs a Snapdragon 660 and includes a headphone jack for old's time sake.

"Nokia 3.1 Plus with 6" HD+ Display & 13MP Dual Cameras Launched
The Nokia 3 .1 Plus doesn't have any fancy looking design; however, it does look very classy with a no-nonsense design. It offers a solid build quality, a classy design and a stock Android experience with the right specifications sheet.

Selena Gomez 'receiving mental health treatment after suffering emotional breakdown'
The 26-year-old singer and actress is said to be seeking treatment after a rumored panic attack brought on by medical setbacks. Currently, Gomez is on the East Coast and receiving dialectical behavior therapy - also known as DBT.

New quadruple-camera Samsung Galaxy A9 is designed for Instagram fans
Concrete dates and individual pricing information for various countries will be revealed by the local Samsung arm. You do lose out on a feature or two, such as wireless charging and the main camera only featuring one aperture.

Amazon Fashion Sale: Up to 90% off on Men's, Women's & Kids' Fashion
The OnePlus 6 (128GB + 8GB RAM) will be available for Rs 34,999, while the price of the 256GB + 8GB RAM comes down to Rs 38,999. Amazon India has started teasing its products for the sale that includes offers across various product categories.

Jamal Khashoggi: Turkey requests Saudi consulate search
As a precaution, he told Cengiz that she should contact an adviser to Turkish President Recep Tayyip Erdogan if he did not return. Less than a day after saying he was "concerned" for Khashoggi, Trump said he would talk with Saudi officials "at some point".