Pakistan to approach International Monetary Fund and 'friendly countries' for loans: Khan

Pakistan to approach International Monetary Fund and 'friendly countries' for loans: Khan

In an statement, IMF Managing Director Christine Lagarde said she met on October 11 with Pakistani Finance Minister Asad Umar and the governor of the country's central bank, Tariq Bajwa, on the sidelines of a conference in Bali, Indonesia.

If projections are true, then India would regain the tag of fastest growing major economies of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.

Indonesian President Joko Widodo said ASEAN, which includes wealthy Singapore and poorer countries like Myanmar and Laos, also is determined to close gaps in development within ASEAN.

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.

China was set to grow by 6.2 in 2019, down from the 6.4 percent projected last July.

Both of those figures would mark the slowest rate of expansion for China since 1990, when growth shuddered in the aftermath of the violent suppression of massive Tiananmen Square pro-democracy demonstrations the previous year.

It's so concerned about the potential for a bad deal it has downgraded global economic growth to 3.7% for both 2018 and 2019, in its latest World Economic Outlook.

China and the United States have slapped tit-for-tat tariffs over the past few months, rattling financial markets as investors anxious the escalating trade war could knock global trade and investment.

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

The US will also see its growth "decline" once its fiscal stimulus, delivered through wide-ranging tax cuts "goes into reverse" according to Mr Obstfeld.

The possible failure of Brexit negotiations also dampened the eurozone's growth outlook. In the last few years in India private debt has declined from nearly 60% to 54.5.

It suggested a few ways the United Kingdom could boost growth.

The IMF is very much stressing that global debt at $182 trillion in 2017 is at a new record high, he said.

Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the International Monetary Fund said.

The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on worldwide monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on global monetary matters.

Earlier in the day, Lembong said the USA stock-market sell-off was good for emerging economies as it means the US will be less of a draw for capital and it lessens the need for the Federal Reserve to raise interest rates.

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