Saturday, 20 October, 2018

Pakistan seeks largest loan package from IMF

IMF says Nigeria’s economy doing poorly cuts growth projection IMF predicts India will grow at 7.3% in 2018-’19
Kelvin Reese | 11 October, 2018, 23:00

This is down from its July forecast of 3.9 percent growth for both years.

The annual financial meetings take place at a time of growing concern over trends other than trade, such as moves to raise borrowing costs in the US and some other regions to help cool growth and keep inflation in check.

Regulatory tightening has slowed the buildup of risks in China's financial sector and made it harder for weaker borrowers to obtain credit, the International Monetary Fund said in its semiannual "Global Financial Stability Report", pointing to a surge in corporate bond defaults in 2017 and 2018.

It predicted 2.9 percent US growth this year, dropping to 2.5 percent next year, and to 1.8 percent in 2020, as the effect of USA tax cuts wears off and the trade war with China inhibits growth.

"Nonetheless, despite trade tensions and continued monetary policy normalisation in a few advanced economies, global financial markets have remained buoyant and appear complacent about the risk of a sudden, sharp tightening in financial conditions".

It will be detrimental on both accounts for all participants, Lagarde told a news conference during the annual meetings of the International Monetary Fund and World Bank in Indonesian resort island of Bali.

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.

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.

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The State Bank of Pakistan said it believes "this adjustment in the exchange rate, along with lagged impact of recent hikes in [interest rates] and other policy measures to contain imports will correct the imbalances in the external account".

"We have supported the move of China towards (currency) flexibility and we want to encourage the authorities to continue on this path", she said.

Maurice Obstfeld, the IMF's chief economist, said at a media briefing about the fund's latest World Economic Outlook: "When you have the world's two largest economies at odds, that's a situation where everyone suffers".

The IMF projected that the nation's economy will grow from 1.9 percent in 2018 to 2.3 percent in 2019 adding that Nigeria, South Africa and Angola's slow growth economies are slowing the rest of Africa.

"It was a combination of factors that basically affected emerging and frontier markets".

"If they don't want to ever hear our voices, what kinds of projects are we expecting?" said Joan Salvador, a member of a Philippine women's group.

The IMF says there is a "risk of contagion" as investors become increasingly nervous about the strength of emerging markets, with the risk of capital flows towards the U.S. accelerating. The Trump administration has penalized almost half of all imports from China and has threatened more for the other half.

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