Economy

For IMF Support, Pakistan Might Have To Disclose Its China Debts

For IMF Support, Pakistan Might Have To Disclose Its China Debts

The body now expects the US economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates.

Global economic expansion remains strong, but the trade war could potentially shock investor confidence, with "significant adverse consequences" for global macroeconomic activity, Tobias Adrian, IMF monetary and capital markets department director, told reporters.

But the gyrations that rocked Wall Street the day before and Asia and Europe on Thursday, taking the Shanghai Composite index down 5.2 percent and Japan's Nikkei 225 almost 4 percent, do partly reflect rising interest rates in the US and some other countries and growing uncertainty over trade, she said.

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 United States has become increasingly impatient with what it sees as a lack of support from nuclear-armed Pakistan in quelling a Taliban insurgency that US -led forces are fighting in neighboring Afghanistan.

The International Monetary Fund (IMF) has forecast Switzerland's economy will grow by 3% by the end of 2018.

Last year, China shipped goods worth $375 billion more to the US than it took in from the United States, a figure Trump has often said he wants to curb sharply in an effort to promote American businesses.

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"It's tempting to be a bit depressed about this perspective but I'm actually hopeful because there is a clear appetite to improve and expand trade", she said.

Khan's decision came after the Pakistani stock markets tumbled by 3.4 percent on Monday after Khan said the day before that he was still exploring options outside the International Monetary Fund.

The formal request follows an apparent 7 per cent central bank devaluation of Pakistan's rupee currency on Tuesday after Pakistani President Imran Khan announced it would seek financial assistance to ease a mounting balance of payments crisis. On Monday, the currency was trading at 128 per US dollar on the open market and 124.20 in the official interbank rate.

The IMF and World Bank meetings, attended by more than 19,000 delegates, showed no sign of disruption from an offshore quake early Thursday morning between Bali and Java island that killed three people. Beijing has pledged $60 billion to build infrastructure and energy projects to help turn Pakistan into a major overland route linking western China to the world.

The Fund said that revenue gains from non-financial public corporations and government financial assets alone could be as high as 3 per cent of GDP a year, equivalent to the annual corporate tax collections across advanced economies. The Finance Minister shared with the World Bank leader, the vision of the new government and its priorities.

The US-based organisation says that a "no-deal" departure from the European Union could lead to fragmentation in European money markets, meaning that finance cannot flow around the system so efficiently.


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