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Pakistan requests International Monetary Fund for bailout package

Pakistan requests International Monetary Fund for bailout package

"Growth has proven to be less balanced than hoped".

While Nigeria will grow from 1.9 percent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the International Monetary Fund said.

"U.S. tariffs on China, and more broadly on auto and auto part imports, may disrupt established supply chains, especially if met by retaliation", Obstfeld said.

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 predicted China's GDP growth at 6.6% in 2018-'19 and downgraded it to 6.2% for 2019-'20.

But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll. The most recent was in 2013 when Islamabad got a $6.6 billion loan to tackle a similar crisis.

Germany, the economic powerhouse of Europe, could be particularly hard hit by a drop in manufacturing orders and trade volumes.

IMF's forecast for Singapore's economic outlook remains steady at 2.9% for 2018, but has been revised downward by 0.2 percentage points to 2.5% for the following year.

Defying the Trump administration's call to cut off the Iranian economy completely, India's Oil Minister Dharmendra Pradhan said on Monday that his country would continue purchasing crude oil from the Islamic Republic, Reuters revealed.

While defending justified rate hikes, Lagarde added on Thursday that uncoordinated rate increases in advanced economies were contributing to destabilising capital outflows from emerging markets.




The outlook for world trade overall also darkened: The fund expects global trade to grow 4.2 percent this year, down from 5.2 percent in 2017 and from the 4.8 percent it expected in July.

Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up.

"While foreign investors play a critical role in financial deepening in emerging market economies, excessively high levels of participation may increase the sensitivity of emerging asset markets to external shocks", the report said.

So far, the impact of the trade war between China and the USA has been contained to the two countries, but if it escalates, it could affect global financial stability, the International Monetary Fund said.

"Iran and Russian Federation, both faced with U.S. sanctions, have devised plans to increase trade interaction and ease mercantile regulations", Iran's state-run Tasnim News Agency added.

"We are all deeply concerned about this news and the potential impact on the business".

"We will be listening very, very attentively when and if they come to us", said Obstfeld.

The head of the World Trade Organization warned that a "full-blown commercial war" could shrink global trade by almost 18 percent and also knock worldwide GDP, hurting the United States, China, and others.


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