International Monetary Fund to seek 'absolute transparency' of Pakistan's debts in bailout talks

The new forecasts were released on the Indonesian resort island of Bali where the International Monetary Fund and World Bank annual meetings are getting underway.

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund chief Christine Lagarde said on October 10, in a rebuke to nationalist politicians pushing tariffs and protectionism.

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

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

He was reacting to the criticism his government had to face in the wake of the decision to return to the International Monetary Fund (IMF) for financial support, and attributed it to the unprecedented borrowing of Rs 30 trillion in loans, up from Rs 6 trillion in the past 10 years.

"We need to know where that money went and what projects it was used in".

The prime minister mentioned the trend for borrowing of house building loans in other countries and said in the United States nearly 80% people construct houses through loans, in Malaysia 33%, India 11%, Bangladesh 3%, while in Pakistan only 0.25%.

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. It had previously predicted jobless rates of 5.5% and 5.2% respectively.

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, partly due to the heated global trade tensions as well as rapidly rising dollar yields.

"But there is no denying that the susceptibility to large global shocks has risen", Obstfeld said. The estimates say that 40% land in Karachi and most precious land in Islamabad was encroached by such illegal housing, he added.

"The cabinet has approved the draft of a memorandum of understanding (MoU) Pakistan and Saudi Arabia expected to sign soon for the establishment of refinery", Petroleum Minister Ghulam Sarwar Khan said while addressing the news conference.

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

"We look forward to our continuing partnership".

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.

Yi also expressed his confidence in the progress of this campaign to reduce financial risks.

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

Imran Khan said the construction industry was one of the most important sectors of the economy as over 40 other industries were related to it and added it was vital for reviving economic activity and employment generation.

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.

Related News:

12 October 2018

Training course for construction mental health launched
According to World Health Organization , half all the mental illnesses begins by age 14 and often goes undetected and untreated. Mental Health Week will climax on October 13 with a 20/20 cricket match at the Police Recreation Grounds from 9 a.m.

12 October 2018

That Light in the Sky? Another SpaceX Rocket Launch
Since the night sky was absolutely clear, without a single shred of cloud, the Falcon's show was on full display. Until that time, enjoy the pics released by SpaceX showing last weekend's launch in California.

11 October 2018

ASUS ROG Phone update brings Google ARCore support before launch
On the other hand, the ROG Professional Dock is priced at $119.99, and finally the ROG Phone Case will cost $59.99. A desktop dock, WiGig dock, TwinView Dock, and Gamevice controller lets you play wherever and however you wish.
12 October 2018

Cyclone weakens; nine dead in Andhra Pradesh, Odisha
The IMD advised total suspension of fishing operations and shifting of coastal hutment dwellers to safe places. The weather system was expected to curve to the northeast and weaken gradually, India's weather bureau said.

12 October 2018

Post Malone Reportedly "Kicked Out" Of Hip-Hop Category At Grammys
It's one of the only nights where artists are awarded for making the best (or mainly the most popular) music in the world. Post Malone has reportedly been removed from the Hip-Hop category at this year's Grammy category.

12 October 2018

Astronauts Make Emergency Landing in Failed Russian Space Launch
Footage from inside the rocket show the two men being shaken at the moment the fault occured, their arms and legs flailing. Russian space agency Roscosmos has released photographs of both astronauts being checked over after their abrupt landing.
12 October 2018

17 surreal things that happened during the Donald Trump-Kanye West summit
At the lunch, West will be accompanied by black National Football League legend Jim Brown . The conversation began with an exchange on North Korea among Trump , Brown and West.

Russian Space Crew Makes Emergency Landing
The capsule made a "ballistic landing" and rescue teams recovered the pair, who are reportedly in "good condition", NASA says. NASA TV will be back on the air at 10 a.m. four orbits later as the Soyuz spacecraft approaches the station for docking.

12 October 2018

Trump calls stock sell-off a correction, says Fed ‘crazy’
Stocks are in the midst of a scary October slump, sliding sharply because investors are anxious about rising interest rates. The yield on the 10-year US Treasury note has risen to around 3.1 per cent from around 2.1 per cent over the past year.
12 October 2018

Tanushree Dutta lodges FIR against Nana Patekar and three others in Mumbai
Dutta also added in her complaint that she could not understand the contents of the FIR, as it was written in Marathi. Satpute said Tanushree has been provided police security at the residential building where her home is.

12 October 2018

Oil extends losses as markets fall, inventories climb
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. The Fund reduced the global economic growth from 3.9 to 3.7 percent. -China tensions.

12 October 2018

Apple TV Owners Might Get Apple's Incoming Original Content For Free
By creating a library of entirely family friendly content, Apple can stand apart from Netflix as something different. The company expects to launch a new and improved version of the TV app "early next year", the report notes.