International Monetary Fund to launch financial assistance talks with Pakistan

Pakistan to start talks with IMF as rupee continues to fall

The fund downgraded its forecast for U.S. growth next year to 2.5 per cent, down 0.2 percentage point from July, after factoring in the impact of tariffs imposed by the Trump administration and retaliatory duties by other nations.

"Nigeria's growth is projected to increase from 0.8 per cent in 2017 to 1.9 per cent in 2018 and 2.3 per cent in 2019 (0.4 percentage point higher than in the April 2018), buoyed by the impact of recovering oil production and prices", he said.

The IMF expects a 2.9 percent growth outlook on the USA economy, but thinks growth will shrink to 2.5 percent for 2019, attributing to the slowdown to the country's escalating trade war with China.

The International Monetary Fund (IMF)'s Financial Stability Report says that although banks are far safer than they were in 2008 there are new risks.

The IMF issues the report ahead of the Annual IMF and World Bank meetings where world leaders, finance ministers and nongovernmental organizations will gather this week in Bali, Indonesia. The IMF now estimates the global economy to grow by 3.7 percent this year and next year.

In broader terms, with the effects of the imposition and the countering of duties by the United States and China to be felt in 2019, the International Monetary Fund reduced its estimates of growth for the USA to about 2.5% for 2019, which again is a reduction of about 0.2% from its initial estimate of 2.7%.

"The macro-leverage ratio has stabilized, the leverage ratio of state-owned enterprises continues to fall, and local government debts are controllable", said Yi.




Considering developments since then, however, that number appears over-optimistic: "rather than rising, growth has plateaued at 3.7 per cent", IMF Chief Economist Maurice Obstfeld said as the world body released the World Economic Outlook, its annual flagship report. Trump has justified the higher USA tariffs as a response to the trade imbalance between the two countries, and China has swiftly responded with higher levies on US imports. "Not only have some downside risks we identified in the last WEO (World Economic Outlook) been realised, the likelihood of further negative shocks to our growth forecast has risen". These were reduced by 0.2 and 0.4 percentage points for this year and next, partly as a result of higher interest rates making these nations' debts more costly to service.

Ferretti said the three largest economies of Nigeria, South Africa and Angola are holding down the growth rate of the continent.

Pakistan's current account deficit widened 43 percent to $18 billion in the fiscal year that ended June 30, while the fiscal deficit has ballooned to 6.6 percent of gross domestic product.

Jakarta expects the economy to grow by 5.2 per cent this year and 5.3 per cent next year, given external pressures.

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.

"Growth performance varies, however, across countries".

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