Monday, 17 December, 2018

International Monetary Fund chief to US, China: De-escalate trade dispute, fix trade rules

Govt decides to ‘immediately’ approach IMF Trump’s tariffs will harm growth in 2019, IMF predicts
Jeannette Daniel | 11 October, 2018, 21:35

The IMF said a new data base in its semi-annual Fiscal Monitor report showed considerable net worth in 31 countries that account for 61 per cent of global economic output.

Lagarde said help for the country would have to take into account what debts are owed to whom.

"Asset valuations appear to be relatively high in some markets, notably in the United States", the International Monetary Fund said Wednesday in its latest Global Financial Stability Report.

Pakistan's finance minister told the daily Dawn newspaper on Saturday that the government had not yet decided whether it would go to the IMF, and had not sketched out a formal proposal to the fund ahead of the Bali summit.

This saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of United States imports.

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".

"To that, my answer is "probably not enough" because we clearly see growth has plateaued three years in a row - it is at 3.7 percent - and we also see that growth is unevenly allocated around the world".

The IMF has also warned that United Kingdom public finances are among the weakest in the world.

The report says they are in danger of becoming complacent about the chances of an economic shock to the system.

More news: US Market Indexes Fall Further, Dow Closes With -3.15% Loss

Interest rates are rising and quantitative easing - money printing - being dialled back.

The risks of a government funding crisis in Italy, where the country's banks are under pressure, is also highlighted.

About a dozen activists have staged a brief, peaceful protest at the annual meeting of the World Bank and the International Monetary Fund in Bali, Indonesia. "China's non-financial corporate sector leverage has been rising and is now well above global historical benchmarks", the report noted.

The IMF's latest report on world financial stability, released Wednesday, said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate.

The IMF's warnings will increase fears that the present buoyancy in global growth may not last.

The American economy has been performing strongly, encouraging worldwide investors to move capital there and invest in the dollar.

A raising of USA interest rates has also helped send emerging market currencies into a tail spin, as countries that borrowed heavily in dollars race to pay back their debt.

The IMF said the high downside risks in the medium-term are driven by relatively elevated United States interest rates, a strong USA dollar and a strong global risk appetite, which "tends to boost portfolio flows in the near term but foreshadows weaker inflows in the medium term".

Lagarde weighed into the currency debate on Thursday and appeared to side with China, saying that yuan weakness against the dollar was driven by the greenback's strength as the U.S. Federal Reserve hikes interest rates.

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