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Pakistan says it will seek International Monetary Fund bailout as reserves dwindle
10 October 2018, 08:53 | Austin Hogan
PM Imran Khan chairing the Punjab cabinet meeting. — PTI
Maurice Obstfeld, economic counsellor for the International Monetary Fund, said:'Trade policy reflects politics, and politics remain unsettled in several countries, posing further risks. Not only have some downside risks that the last WEO identified been realised, the likelihood of further negative shocks to our growth forecast has risen.
After consulting with "leading economists", Pakistan will formally approach the International Monetary Fund for support and Finance Minister Asad Umar will hold talks with officials during the lender's annual meetings in Bali this week, the Finance Ministry said in a statement late Monday.
When Trump met European Commission president Jean-Claude Juncker in Washington in July, the U.S. president also offered him a "wide-open" trade accord with no tariffs, barriers, or subsidies of any kind, but Europe was not ready for that, Sondland said.
The Philippines' 6.5 percent 2018 projection is the second highest growth estimate in the trade bloc after Vietnam's 6.6 percent. Dow futures lost 0.5 per cent and the S&P 500 futures were down 0.6 per cent.
He stated, "Nigeria's growth, 1.9 per cent this year; 2.3 next year".
It said the Saudi economy, which contracted by 0.9 percent last year, is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.
The rapid build-up in debt in China in recent years also is a concern, although Chinese authorities have taken steps to rein in debt growth, he said.
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new USA sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.
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The US and China's escalation of trade tariffs is expected to hit growth in both countries in 2019, when the boost from President Trump's sweeping tax cuts will also start 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 said, adding that China's expected 2019 growth is also marked down. It left 2018 growth forecasts for the two countries unchanged at 2.9 percent for the US and 6.6 percent for China.
China is trying to move away from its long-time reliance on heavy industry and manufactured exports towards a growth model based more on domestic consumption by its increasingly wealthy populace.
The report said: "In the United Kingdom, where the output gap is closed and unemployment is low, a modest tightening of monetary policy may be warranted, although at a time of heightened uncertainty, monetary policy should remain flexible in response to changing conditions associated with the Brexit negotiations".
Core inflation, which excludes volatile items such as energy, will vary from country to country, it added.
"In several key economies, moreover, growth is being supported by policies that seem unsustainable over the long term", he said.
The IMF has slashed its latest growth forecasts, downgrading the US, China, the eurozone and the United Kingdom, as tit-for-tat tariffs bite.
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