Pakistan requests International Monetary Fund for bailout package
Pakistan requests International Monetary Fund for bailout package
IMF long-term outlook: Inflation in PHL to ease
12 October, 2018, 01:21
Rebuilding Fiscal Buffers It noted that public debt has increased in emerging markets over the past decade, and is projected to increase further in numerous largest economies over the next five years. "We demanded money as a self-respecting, sovereign state that does not need anyone's help to reaffirm itself as the very best country in the world", Umar said.
"If you compare the position of the renminbi relative to the dollar, it's one particular story which has also a lot to do with the strength of the dollar", Lagarde told reporters.
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Asked how would the IMF react to Pakistan's request for an emergency bailout package, he said: "As with any member in good standing, they are certainly entitled to request financial support from the Fund".
In a new assessment issued at its meeting in Bali, Indonesia, the International Monetary Fund predicted that "everyone is going to suffer", as the US and China - the world's two biggest economies - spar over tariffs and other trade issues.
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.
Finance Minister Asad Umar is due to meet officials at this week's annual conference of the International Monetary Fund and the World Bank in Bali, Indonesia, to discuss a potential package. The tariffs stem from the Trump administration's demands that China make sweeping changes to its intellectual property practices, rein in high-technology industrial subsidies, open its markets to more foreign competition and take steps to cut a $375 billion US goods trade surplus.
Obstfeld said that Pakistan faced financing gaps as it has been hit by a large fiscal and current account deficit, a low level of reserves and a currency, which he described as "too rigid" and over-valued.
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Financial Tensions It said after years of an extremely supportive financial environment, the global economy remains vulnerable to a sudden tightening of financial conditions. 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.
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 described trade as "critical" to the lender's agenda and acknowledged that it has enabled millions of people to pave their way out of extreme poverty.
The former French finance minister also touched on the challenges of climate change, which she believes would have a greater impact on low-income countries. "This is the biggest ever deficit of Pakistan's history", he said.
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