International Monetary Fund to seek 'absolute transparency' of Pakistan's debts in bailout talks

12 October, 2018, 11:23 | Author: Wade Massey
  • IMF Chief Christine Lagarde

Lagarde spoke as a global market sell-off rolled into Asia following Trump's comments, underscoring rising financial volatility that the International Monetary Fund will address at its annual meetings with the World Bank this week in Bali.

"A sudden deterioration of risk appetite, rising trade tensions, and political and policy uncertainty could also lead to tighter financial conditions", the report said on Friday.

"In the last 48 hours, an impression has been created as if the sky is going to fall or the day of judgement is upon us", the prime minister said.

With much of the U.S.

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

US President Donald Trump imposed 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.

"I want to tell all of you to stay strong and not to panic".

Somewhat obliquely, she said policies aimed toward an excessively "dominant position" were not compatible with free and fair trade. -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. It also issued reports this week on government finance and financial stability that warn of the risks of disruptions to world trade. "I am a globalist".

"We need to know where that money went and what projects it was used in". The country is ranked 87th of 150 countries in the list.

The meetings open in the wake of an quake and tsunami on September 28 on Sulawesi island that left more than 2,000 dead and possibly thousands more missing, highlighting disaster-prone Indonesia's safety hazards.

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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.

"Trade deficits don't (necessarily) mean cheating by the other side". It left 2018 growth forecasts for the two countries unchanged at 2.9 percent for the USA and 6.6 percent for China.

Argentina and Pakistan, Venezuela and Zimbabwe are among countries grappling with crises.

"The government has chose to do both", he said while addressing a ceremony to launch Naya Pakistan Housing Programme, a flagship project of his government to build 5 million houses in five years for low income people.

Lagarde said in a statement that the request came during her meeting with Pakistani finance minister Asad Umar, and central bank governor Tarik Bajwa on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali.

He said the earlier housing projects failed to take off because the country had no financing packages and that the State Bank of Pakistan had been directed to set up a National Financial Regulatory Body in 60 days time.

The prime minister mentioned the trend for borrowing of house building loans in other countries and said in the United States nearly 80% people construct houses through loans, in Malaysia 33%, India 11%, Bangladesh 3%, while in Pakistan only 0.25%.

"In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country", Lagarde told a news conference when asked about Pakistan's debts to China.

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

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