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

IMF Chief Christine Lagarde

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.

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