IMF says Pakistan has not approached fund for deal

11 Octobre, 2018, 21:34 | Auteur: Anatole Charbonneau
  • Pakistan can easily develop its apparel export industry for this would not require a technology transfer

A report published by World Bank on Sunday said despite a modest rebound recently, there was a 10 percent depreciation compared to the beginning of the year and a 14 percent depreciation compared to one year before.

The worldwide finance agency dropped its projection for world economic growth by two-tenths of a percentage point for both 2018 and 2019 to 3.7 percent, the first time it had trimmed its economic outlook in more than two years.

The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July.

A bull run has taken USA equities to record highs this year.

"New vulnerabilities have emerged and the resilience of the global financial system has yet to be tested", it said in the twice-yearly Global Financial Stability Report.

"If you have the world's two largest economies at odds, that's a situation in which everyone is going to suffer", said Maurice Obstfeld, chief economist at the International Monetary Fund.

The eurozone's 2018 growth forecast was cut to 2.0 percent from 2.2 percent previously, with Germany particularly hard hit by a drop in manufacturing orders and trade volumes.

The IMF expects that Russia's growth will reach 1.8 percent in 2019, according to the World Economic Outlook report released on Tuesday.

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The report recommended emerging economies take steps to insulate themselves from a further exodus of funds from investors.

The alternative conference, which had attracted around 300 registrants from Indonesia and around the world, was to bring together dozens of civil society groups to draw attention to the impact of free trade and IMF-WB backed policies that critics say aggravate income inequality, abuse labor rights and hurt the environment.

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In countries with "systematically important financial sectors", total non-financial debt has risen to US$167 trillion, or about 250 per cent of their combined GDP, up from US$113 trillion or 210 per cent of GDP in 2008. "Our probability that we would attach to further bad news has gone up", Obstfeld said.

Prominent U.S. academic Jeffrey Sachs was less diplomatic in his assessment of Trump's shepherding of American trade relationships, slamming the president's repeated claims that deficits with China and other nations meant Americans were being taken advantage of.

This was the fifth devaluation of the rupee since December 2017, which has seen the local currency losing a cumulative 26 percent of its value against the greenback.

The report was written before the United States, Canada and Mexico finalized an updated trade deal.

In September, the USA 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 US goods.

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