Wednesday, 12 December, 2018

Pakistan has formally requested for financial assistance

Finance Minister Asad Umar speaks in a video message. — DawnNewsTV Finance Minister Asad Umar speaks in a video message. — DawnNewsTV
Jean Garcia | 11 October, 2018, 23:03

Lagarde said she would meet Pakistani officials on Thursday, with expectations that Islamabad will request a bailout over a looming balance-of-payments crisis, with Prime Minister Imran Khan saying this week his country needs $10-12 billion.

Moreover, the International Monetary Fund is now projecting the budget deficit to widen from 5.7 percent of GDP in 2017 to 6.5 percent of GDP in 2018 and 6.9 percent of GDP in 2019.

A bull run has taken USA equities to record highs this year.

Obstfeld said he was not concerned about the Chinese government's ability to defend its currency against further weakening but told a news conference that Beijing would face a "balancing act" between actions to shore up growth and ensuring financial stability.

Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion USA trade deficit.

The United States has become increasingly impatient with what it sees as a lack of support from nuclear-armed Pakistan in quelling a Taliban insurgency that US -led forces are fighting in neighboring Afghanistan.

Mr Khan said that the country was burdened due to debts incurred by the previous government and his government was constrained to borrow more money to pay back those debts.

It had warned how the United States and China was making the world a "poorer and more risky place" as the nations remain locked in a tit-for-tat trade conflict, slapping strings of tariffs on each other.

"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.

Ronaldo insists sex was ‘completely consensual’
He said the hacker then "tried to sell such information" after "significant parts" had been "altered and/or completely forged". In the statement the lawyer representing Ronaldo states: 'What occurred in 2009 in Las Vegas was consensual in nature.

He said the talks would be held for "such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis".

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

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by eurozone countries, Britain and Japan, and rising interest rates that are pressuring some emerging markets with capital outflows, notably Argentina, Brazil, Turkey, South Africa, Indonesia, and Mexico.

Kim said the World Bank has launched a "human capital index" to help rank countries by the level of their investments in such areas as education and health care.

On Tuesday, the International Monetary Fund said that it would listen to Pakistan's request for financial support "very, very attentively", as it did with any member with good standing.

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.

Pakistan is one of the biggest borrowers in China's global Belt and Road initiative, taking out billions of dollars in loans in recent years for infrastructure projects.

Finance Minister, Zainab Shamsuna Ahmed who is the leader of the Nigerian delegation to the Annual General Meeting is expected to be part of the meeting.

"If they don't want to ever hear our voices, what kinds of projects are we expecting?" said Joan Salvador, a member of a Philippine women's group.

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