Monday, 10 December, 2018

Forbes, IMF differ on Nigeria's economic growth

Christine Lagarde  International Monetary Fund  Flickr Christine Lagarde International Monetary Fund Flickr
Steven Clarke | 12 October, 2018, 11:21

Imran Khan said the construction industry was one of the most important sectors of the economy as over 40 other industries were related to it and added it was vital for reviving economic activity and employment generation. The United States is the largest contributor of resources for the IMF and has 16 per cent of the votes on the Fund's board, but China is not far behind with 6pc, and the Fund can not by its own rules refuse to lend to a member country.

"We need to know where that money went and what projects it was used in".

The devaluations have stoked inflation worries and are putting extra pressure on debt servicing, which is a major concern for the new government. Officials now expect the debt to GDP ratio to rise above 70 percent.

Meanwhile, the United States has said that it will closely examine Pakistan's debt position.

The prime minister said the government would remove obstacles to home ownership and that this would include working with the Law Ministry to draft legislation to make this possible.

Reserves have plummeted 41 percent this year to stand at $8.3 billion, or about 1.6 months of import cover, despite China lending billions of dollars to Islamabad to prop up the currency.

China has already clarified that Pakistan's debt burden was not caused by CPEC or related projects.

Fan almost nails Red Sox's Kimbrel with beer can
With its quirky dimensions that include the Green Monster in left, Fenway can be hard for visiting teams defensively. There are certain things they were that I don't like, but just keep it loose and be yourself.

While banks have increased their capital and liquidity buffers since the global financial crisis a decade ago, they remain exposed to highly indebted companies, households and sovereigns, as well as to holdings of opaque and illiquid assets, and to the use of foreign currency funding. Beijing has pledged some $60 billion to finance rail, port and road projects as part of its "Belt and Road" program.

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%.

Just before going into the meeting with Pakistan's finance team, Ms Lagarde was asked about Pakistan's growing stockpile of Chinese debt at a press conference. "And there would also be lots of innocent bystanders", including countries that supply commodities and components to China, such as Indonesia.

The half-yearly Global Financial Stability Report released on Wednesday finds a 5 per cent probability that these emerging economies could see debt outflows of US$100 billion or more, representing 0.6 per cent of their combined GDP, over a period of four quarters. They also want to help further stimulate exports.

Southeast Asian leaders pose for family photo during ASEAN Leaders Gathering on the sidelines of International Monetary Fund and World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 11, 2018.

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.

The prime minister on Wednesday launched PTI's flagship housing scheme aimed at building five million low-priced and affordable housing units across the country, fulfilling one of the "cornerstones" of his party's election manifesto. But he didn't explain how the government will pay for it.

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