Published: Thu, October 11, 2018
Markets | By Noel Gibbs

Asad Umer meets IMF Chief, formally requests provision of loans

Asad Umer meets IMF Chief, formally requests provision of loans

Compared to the medium-term risks, near-term risks have risen in the past six months but are "relatively limited" and subdued, relative to historical norms, with financial conditions still broadly accommodative and supportive of growth in the near-term, said the International Monetary Fund. "And there would also be lots of innocent bystanders", caught in the crossfire.

Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on US products entering China.

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing has consistently rejected. The Finance Minister is leading Pakistan's delegation, consisting of the Governor State Bank of Pakistan, Secretary, Economic Affairs Division and Special Secretary, Finance Division.

In Bali on Tuesday, IMF chief economist Maurice Obstfeld said the rupee was "too rigid and overvalued".

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Released in Bali during the annual meeting of the International Monetary Fund and the World Bank, the IMF's flagship World Economic Outlook said its 2019 growth projection for China is lower than in April, given the latest round of United States tariffs on Chinese imports, as are its projections for India. It called for a tightening of monetary policy, a move the Reserve Bank of India did not take when it kept interest rates unchanged last week.

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The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks.

The IMF says there is a "risk of contagion" as investors become increasingly nervous about the strength of emerging markets, with the risk of capital flows towards the U.S. accelerating.

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The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession.

On recent yuan declines, Lagarde said they were mainly driven by the strength of the dollar, noting that it has not depreciated as much against a basket of currencies.

Following a sharp Wall Street sell-off on Wednesday, Trump said the Federal Reserve "is making a mistake".

"One of the key challenges African countries face is the rapid increase in public debt levels, which in turn mean that they are spending more and more money on servicing the debt at the expense of more socially and economically useful activities such as investment in infrastructure", Mlachila said.

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The alternative conference, which had attracted around 300 registrants from Indonesia and around the world, was to bring together dozens of civil society groups to draw attention to the impact of free trade and IMF-WB backed policies that critics say aggravate income inequality, abuse labor rights and hurt the environment.

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