Saturday, 20 October, 2018

As Pak Debts Rise, Prime Minister Imran Khan Calls For Financial Analysis

IMF cuts global economic growth target to 3.7% World Bank, IMF heads urge US, China to play by trade rules
Priscilla Morrison | 12 October, 2018, 08:23

As the United Kingdom and European Union gears up for a packed schedule of Brexit talks ahead of a pivotal summit on 17 October, the International Monetary Fund (IMF) warned that a disorderly departure from the bloc is one of the biggest risks for global financial stability.

He said the data of federal or provincial lands was being collected and registered by a land bank so that the government could provide land for the housing programme to be undertaken by the private sector.

Formally launching the International Monetary Fund and World Bank annual meetings on the Indonesian resort island of Bali, Lagarde urged countries to "de-escalate" trade conflicts and fix global trading rules instead of abandoning them.

They show that a burst of strong growth, fueled partly by USA tax cuts and rising demand for imports, was starting to wane.

The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund's new projection for global economic growth.

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by euro zone countries, Japan and Britain.

Market participants "appear complacent" about the potential risks from a "sudden, sharp tightening of conditions" - like rising interest rates or declining access to capital.

However, they said that registration for the houses does not entail allotment and will only identify those in need.

Finance ministers for developing nations in the Group of 24 whose economies have been battered by stormy markets urged major economies to reform the global trading system, rather than discard it.

'We will need much more funds to return the entire loan.

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The euro zone's 2018 growth forecast was cut to 2% from 2.2% previously, with Germany particularly hard hit by a drop in manufacturing orders and trade volumes.

"But there is no denying that the susceptibility to large global shocks has risen", Obstfeld said. "There is nothing to worry about", he said, adding that the economy will recover.

Talking about possible recourses to bridge the deficit, Khan said the total amount laundered out of Pakistan annually, according to the US State Department, is $10bn.

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

The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices, rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion US goods trade surplus.

Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign. "We're working with every single one of our countries to prepare them in case it gets worse".

Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union. It also issued reports this week on government finance and financial stability that warn of the risks of disruptions to world trade.

"All the accusations against China are completely trumped up".

Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the US GDP would still be 1% below a baseline without these tariffs, while China's GDP output would be 0.5% below the baseline.

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