Pakistan to seek its largest loan package from International Monetary Fund

Pakistan can easily develop its apparel export industry for this would not require a technology transfer

"Notwithstanding the present demand momentum, we have downgraded our 2019 USA growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

In the IMF's most recent World Economic Outlook (WEO), the global financial authority forecast the Philippines's inflation numbers to hit 3 percent in 2023.

The International Monetary Fund (IMF) on Monday retained economic growth projection for India at 7.3 per cent for 2018-19 (FY19), lower than the government's and the Reserve Bank of India's (RBI's) forecasts.

"The government has made a decision to approach the International Monetary Fund for stabilisation and an economic recovery programme", said the Finance Ministry in a statement after the stock market suffered an over 1,300-point plunge, losing nearly 270 billion Pakistani rupees ($2 billion) of its capitalisation - the highest single-day loss in a decade. Fed Chair Jerome H. Powell recently said these are "extraordinary times" for the USA economy.

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.

In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

Pakistan Finance Minister Asad Umar, who is attending the Fund's annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a "stabilization recovery program".

"U.S. growth will decline as fiscal stimulus begins to unwind in 2020, at a time when the monetary tightening cycle is expected to be at its peak", the IMF said.

According to the IMF, Japan's growth is projected to soften to 0.9 percent in 2019, unchanged from the July estimate.

"Where we are now is we've gotten some bad news".

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.

"We will be listening very, very attentively when and if they come to us", said Obstfeld.

The repercussions for the United States and China would be particularly severe, with 2019 GDP losses of more than 0.9 percent in the United States and 1.6 percent in China in 2019.

Much of the global angst has been dominated by Trump's escalating tariff war with China and his disdain for world trading norms.

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.

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing has consistently rejected.

Related News:

  • Patisserie Valerie owner suspends shares amid fraud probe

    Patisserie Valerie owner suspends shares amid fraud probe

    The High Street cake shop and continental tea room says it could shut down unless it gets an "immediate cash injection". Chairman Luke Johnson said: "We are all deeply concerned about this news and the potential impact on the business".
    Amitabh Bachchan treats fans with Sye Raa Narasimha Reddy look on birthday

    Amitabh Bachchan treats fans with Sye Raa Narasimha Reddy look on birthday

    The film aims at showcasing the life journey of freedom fighter Uyyalawada Narasimha Reddy from Rayalaseema. He also has Brahmastra with Alia Bhatt and Ranbir Kapoor in the line-up.

    Three killed as strong quake rocks Indonesia's Java, Bali

    People in the eastern part of Java, Madura and Bali islands also reported they felt the natural disaster . Thousands more remain missing since the twin disaster ravaged the city of Palu and surrounding areas.
  • Losses on Wall Street Rip Through Asian Financial Markets

    Losses on Wall Street Rip Through Asian Financial Markets

    The S&P 500 ended Wednesday with a loss of 3.29 per cent and the Nasdaq Composite 4.08 per cent, while the Dow shed 2.2 per cent. US crude CLcv1 fell 1.98 percent to $71.72 per barrel and Brent LCOcv1 was last at $81.30, down 2.15 percent on the day.
    Graphic: Rising US bond yields bring back Wall Street's sinking feeling

    Graphic: Rising US bond yields bring back Wall Street's sinking feeling

    Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead. In small-caps, the Russell 2000 closed at 1,575.91 for a loss of -45.95 points or -2.83%.
    Hurricane leaves trail of devastation in Florida

    Hurricane leaves trail of devastation in Florida

    Some 17,000 utility restoration workers were also on call . "Do not risk your life, leave NOW if you were told to do so", it said. There has been only one storm with higher sustained wind speeds this far north in the Gulf of Mexico: Hurricane Camille in 1969.
  • Anthony Joshua's camp makes

    Anthony Joshua's camp makes "much-improved" offer for Deontay Wilder fight

    Wilder, who will be making his eighth title defense against Fury, had three fights in 18 months impacted by his opponents' positive VADA drug tests.
    Part of Harvey Weinstein sexual assault case dropped by New York judge

    Part of Harvey Weinstein sexual assault case dropped by New York judge

    Weinstein's defence lawyer later suggested, outside court, that Ms Evans should be criminally prosecuted for perjury. A judge in NY has dismissed one of the six sex assault charges against Hollywood producer Harvey Weinstein .
    German legend Matthaus: Seeing Sancho for first time stunned me

    German legend Matthaus: Seeing Sancho for first time stunned me

    The 18-year-old is reaping the rewards of taking the path less followed, having made the courageous move from City to Dortmund. He is on stand-by for the Under-20s games during this worldwide break, injury having seen him pull out of last month's games.
  • Arrested US student fights entry ban at Israeli court

    Arrested US student fights entry ban at Israeli court

    But when Alqasem arrived at Tel Aviv's worldwide airport last week, she was blocked from entering the country. It's come under heavy criticism for its handling of Alqasem's case.
    Lady Gaga co-writes powerful essay for World Mental Health Day

    Lady Gaga co-writes powerful essay for World Mental Health Day

    Against this background, Wheeler said greater efforts must be made to "help young people build mental resilience". Mental illness most of the times don't improve on their own and needs professional consultation.
    Nintendo to publish Fitness Boxing for Switch

    Nintendo to publish Fitness Boxing for Switch

    The game will somehow also keep track of your body mass index as well as the number of calories you burn during your work out. With two-player mode, you can team up with a friend or family member to play in tandem or face off in a virtual boxing ring.


Most liked

Brett Kavanaugh: evidence dismissed
Henderson said members of the general public had filed the complaints . Kavanaugh was confirmed by a razor-thin 50-48 majority in the U.S.

Advice from Wicklow County Council as the country prepares for Storm Callum
The weather has already caused misery this week for Scots, with strong winds and rain causing disruption to the transport network. There is now a yellow warning for wind in place for Northern Ireland. "Highest temperatures of 14 to 16 degrees".

Track Hurricane Michael flooding in real time
When visibility returned, "we realized everything was gone", Boutwell said, including his neighbor's beach home and vehicle . EDT, Michael was centred about 35 miles (60 kilometres) south of Charlotte, North Carolina, with winds of 50 mph (85 kph).

Khabib Nurmagomedov Threatens To Leave UFC If His Teammate Is Released
UFC officials on Thursday did not immediately respond to a request for comment on Nurmagomedov's threat to break his contract. McGregor was never punished by the promotion (though he did spend a night in jail and accept a plea deal on the charges).

India's Sharma dreams of upset PGA Tour victory
It's a golfer's nightmare, and even the best players in the world are occasionally afflicted by the yips in a breeze. Q: How do you assess your 2018-18 PGA TOUR season? "I haven't really thought about anything or set any goals.

This new Overwatch LEGO Bastion is great for Omnic fans
It doesn't feature the mechanical hero in his default state though with the LEGO set showing off Bastion's Omnic Crisis skin. Most excitingly, the set also includes Bastion's sidekick, Ganymede, which Blizzard believes fans will appreciate.

Federer battles, Djokovic cruises, del Potro out in Shanghai
Rising star Zverev was similarly emphatic as he brushed aside Australia's new number one, teenager Alex de Minaur , 6-1, 6-4. The Serb is on a 15-match winning streak, which includes title runs at Cincinnati and the U.S.

Samsung Unveils The First Smartphone With Four Cameras
You do lose out on a feature or two, such as wireless charging and the main camera only featuring one aperture. Samsung has just introduced its very first smartphone with four rear-facing cameras, the Galaxy A9 (2018 ).

Rocket Headed for International Space Station Aborts After Launcher Failure
However, until the problem with this launch is found and solved, no Soyuz spacecraft is likely to be launched. Rockets use boosters to provide the thrust they need to launch from Earth and breech the atmosphere.

Kim Kardashian slams sisters' 'disgusting' fashion choices
I feel like we're stuck", Kim tells Kourtney and her glam team. 'I want you to be more cool girl, ' insisted Kim. And then like, 'Oh we're in Japan , it's insane colours.

Genes Could be Responsible for Some Cases of Erectile Dysfunction
According to the new study, the genetic variant Jorgenson and his colleagues identified alone accounts for 2 per cent of the risk. One in five men has been found to have a genetic abnormality, according to a study in 2007, and this number rises with age.

'Austin Powers' actor Verne Troyer's cause of death revealed
Troyer's social media posts during this time, however, painted an entirely different picture of the actor. Verne, who was 49 when he passed away in April, had an outstanding history with alcohol addiction.

At Least 6 Dead in Torrential Flooding in Spain’s Mallorca Island
Spanish tennis star Rafael Nadal, who is from Mallorca, helped residents clear mud from their houses in Sant Llorenc. In December 2016, southern Spain was hit with severe weather, resulting in widespread flooding and several deaths.

How to be a better friend to someone with mental health issues
Chance the Rapper offered some words of advice and compassion about mental illness Wednesday, which was designated as World Mental Health Day by the World Federation for Mental Health .

Photo surfaces of doomed reporter walking into Saudi Consulate
Officials in Turkey believe he was murdered inside the building, while the Saudis claim he left the building unharmed. But he also criticised Turkey's crackdown following a 2016 failed coup against President Recep Tayyip Erdogan.