Pakistan to seek IMF loan to avert meltdown

12 October, 2018, 15:33 | Author: Billie Castillo
  • Pakistan to start talks with IMF as rupee continues to fall

Obstefeld commented: "Last April, at the time of our last World Economic Outlook, the world economy's broad-based momentum led us to project a 3.9 percent growth rate for both this year and next". Obstfeld, who retires from the Fund later this year, said there were bright spots with some Latin American and African nations getting growth forecast upgrades.

Umar will attend the annual meeting of the International Monetary Fund and World Bank in Indonesia's Bali this week, according to Pakistan media reports. The IMF on Tuesday cut its global growth forecasts due to an escalating U.S.

Last year, China shipped goods worth $375 billion more to the USA than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses.

The possible failure of Brexit negotiations also dampened the eurozone's growth outlook. The acceleration relative to 2016-17 reflects a more supportive external environment, including stronger global growth, higher commodity prices, and improved capital market access, following efforts to improve fiscal balances in the aftermath of the commodity price slump.

The Briton Woode institution is also projecting growth of 1.9 and 0.8 percent for Nigeria and South Africa while it is predicting contraction of 0.1 percent for Angola.

Newly-elected Prime Minister Imran Khan had initially vowed to curb borrowing, pointing to the massive loans taken out in recent years.

In September, the US implemented another round of tariffs on $200 billion worth of Chinese goods, which were met with countermeasures out of Beijing on $60 billion worth of USA goods.

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Global trade tensions would also have a bearing on the eurozone's 2018 growth forecast, which was cut to 2 percent from 2.2 percent previously.

Higher trade barriers also slow the spread of technology and lower productivity and welfare in many countries, the International Monetary Fund said.

It sees the unemployment rate dropping to 3.9 percent in 2018 and to 3.5 percent in 2019.

United Kingdom growth has been drastically cut in the aftermath of the Brexit vote; uncertainties surrounding the country's divorce from the European Union have stymied investment and seen part of its key financial sector relocate to the continent.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation seeing forecast upgrades.

"An intensification of trade tensions and the associated further rise in policy uncertainty could dent business and financial market sentiment, trigger financial market volatility, and slow investment and trade", the report said.

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