Published: Thu, October 11, 2018
Markets | By Otis Pena

PM Khan vows to steady Pakistan as bailout looms

PM Khan vows to steady Pakistan as bailout looms

At the meetings in Bali, IMF managing director Christine Lagarde said she "would not associate" Jerome Powell "with craziness".

Mr Milesi-Ferretti noted Nigeria's (economic) growth of about 1.9 per cent this year to rise to about 2.3 in 2019, with South African economy, now in technical recession at only 0.8 per cent growth rate this year.

Finance minister Asad Umar, who is attending the annual meeting of the World Bank and International Monetary Fund, announced earlier this week that Prime Minister Imran Khan given the go-ahead to hold talks with the International Monetary Fund for a bailout programme after consulting economic experts and stakeholders.

Delegates are focused on maintaining global growth amid increasing protectionist sentiment and escalating trade tensions between China and US.

Lagarde said a trade war or currency war between the United States and China would affect both participants and a lot of innocent bystanders.

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".

He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs 6 trillion to Rs 30 trillion in the past 10 years alone.

The Russian economy will grow faster than previously expected as the macroeconomic outlook improves, the International Monetary Fund (IMF) forecasts.

"Since mid-April, rising United States interest rates and a stronger U.S. dollar - coupled with intensified trade tensions - have triggered a reversal in portfolio flows, an increase in borrowing costs, and a weakening in local currencies in some emerging markets", the report noted.

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He said that without free trade, there would be no hope of helping millions of people escape dire poverty.

Soon after Khan's new administration took office in August, the government had explored all possible avenues of financing, including loans from friendly countries and Pakistani diaspora community for donations, said sources.

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The formal request follows an apparent 7 percent devaluation of the Pakistani rupee by the central bank on Tuesday, after Pakistani President Imran Khan announced it would seek financial assistance to ease a mounting balance of payments crisis.

Kim said the World Bank has launched a "human capital index" to help rank countries by the level of their investments in such areas as education and health care.

Pakistan is one of the biggest borrowers in China's global Belt and Road initiative, taking out billions of dollars in loans in recent years for infrastructure projects.

The annual summit for global finance brings together central bankers and finance ministers, development experts and civil society groups from across the globe.

"That is going to trigger some outflows of capital that has flown very strongly from advanced economies to emerging markets in recent years", Adrian said at a briefing in Bali on Wednesday.

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