Published: Fri, October 12, 2018
Markets | By Noel Gibbs

International Monetary Fund chief, Pakistan FM meet as Islamabad seeks financial assistance for bailout

International Monetary Fund chief, Pakistan FM meet as Islamabad seeks financial assistance for bailout

Ahead of the Bali gathering, the International Monetary Fund reviewed its global growth forecast down 0.2 percent to 3.7 percent for 2018 and 2019 - citing trade tensions, protectionism and rising debt levels as the main causes.

The World Economic Outlook (WEO) presented twice annually in April and October also marked down the growth projections for the euro area and the United Kingdom, following surprises that suppressed activity in early 2018.

The International Monetary Fund (IMF) has warned an escalation in trade tensions between the USA and China could lead to a global financial crisis.

The US simultaneously threatened to add tariffs to a further $267 billion (£205 billion) of products, which saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of US imports. The two economies at the heart of the tariff fight are expected to feel the pain.

The IMF also spoke about the American economy which seems to be on a bullish trend and cautioned that the economy could soon encounter the bear.

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The ongoing trade war between the USA and China could start having material effects on the economies of both countries within the coming years, according to new projections from the International Monetary Fund (IMF).

But the already tricky transition has been complicated by U.S. President Donald Trump's use of import tariffs to punish China for what he considers predatory trade practices. The IMF on Tuesday cut its global growth forecasts due to an escalating U.S. "In this environment, economic growth will likely slow significantly, and inflation will rise", he said in a statement.

"Risks to global growth skew to the downside in a context of elevated policy uncertainty", the International Monetary Fund wrote.

Governor State Bank Tariq Bajwa and other officials of Economy Division were present during the meeting. The authorities expect it to reach US$25 billion this year.

"This is something that we've been tracking fairly closely", she added.

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The United States continues to grow strongly and the Federal Reserve raised interest rates for the seventh time in the last eight quarters at its latest policy meeting in September.

Responding to a question, Nauert said; "The secretary had spoken about this a few months back, I know, in some interviews not that long ago".

"The government has made a decision 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.

As protectionist policies gather strength and undermine confidence countries were also unprepared for a serious downturn.

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