United States to evaluate Pakistan's bailout request on merit

Finance Minister Asad Umar speaks in a video message. — DawnNewsTV

Lagarde said in a statement that Pakistan requested International Monetary Fund assistance during a meeting with Pakistani Finance Minister Asad Umar and central bank governor Tarik Bajwa on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali. Citing the impact of USA taxes on Chinese imports, however, the International Monetary Fund shaved the outlook for China next year to 6.2 percent, which would be the country's slowest growth since 1990.

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

The report also amplified worries about Global trade, echoing numerous earlier IMF statements, but noted that trade tensions have thus far affected individual sectors more directly than the financial system.

Lagarde said later that she believed Chinese authorities were taking steps to maintain growth, stability and investor confidence amid the trade conflict, but faced a "complicated" balancing act to keep its fiscal situation under control.

"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of US imports from China", IMF report said.

Lagarde said that domestic revenue mobilisation, which stood at five per cent of the country's Gross Domestic Product (GDP), was too low for to elevate the Nigerian economy to the level it should be.

The U.S. and Chinese exchanges of penalty tariffs in their dispute isn't helping, she said.

US arrests alleged Chinese spy after extradition from Belgium
Last week Vice President Pence accused Chinese security agencies of "masterminding the wholesale theft of American technology". The pair were said to have specifically targeted techies who were naturalized U.S. citizens born in China or Taiwan.

It had warned how the United States and China was making the world a "poorer and more risky place" as the nations remain locked in a tit-for-tat trade conflict, slapping strings of tariffs on each other.

A raising of US interest rates has also helped send emerging market currencies into a tail spin, as countries that borrowed heavily in dollars race to pay back their debt.

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

"Trade tensions have escalated, policy uncertainties have increased in a number of countries, and some emerging market economies are facing financial-market pressures", Tobias Adrian, financial counsellor and director of the monetary and capital markets department of the IMF, said. "We will get out of this crisis". During the meeting the current level of Pak-World Bank cooperation was reviewed.

"An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme".

Her statements indicated that Pakistan could be forced to disclose the full extent and terms of Chinese lending it received in recent years as part of its participation in the Belt and Road Initiative, China's vast global infrastructure-spending programme.

"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.

Related News:

  • Trump lunches with Kanye West, will talk justice reform

    Trump lunches with Kanye West, will talk justice reform

    In a almost 10-minute long speech in the Oval Office, West says he was pressured not to wear his red "Make America Great Again". Trump is set to meet with West during a working lunch, where the two will discuss prison and sentencing reform.

    U.S., Russian Astronauts Make Emergency Landing After Failed Space Launch

    Citing Russian military sources, it said four Mi-8 helicopters had been seen heading for the landing site via Kazakh airports. A duo of astronauts from the US and Russian Federation has blasted off for a mission on the International Space Station .

    Michael 3rd most intense USA landfalling hurricane on record

    Hurricane Michael is closing in on the Florida Panhandle with potentially catastrophic winds of 150 miles per hour . Roy Cooper (D) declared a state of emergency Wednesday morning in 66 counties. "This happened so quickly", he said.
  • Samsung unveils first smartphone with four rear cameras

    Samsung unveils first smartphone with four rear cameras

    With four cameras on the rear glass case, Samsung is touting this device as the flawless offering for the Instagram generation. The Galaxy A7 meanwhile features a 8MP 120 degree ultra wide lens, a 24MP lens, and a depth lens.
    Rescuers still searching for missing child and two foreigners — MALLORCA FLOODING DISASTER

    Rescuers still searching for missing child and two foreigners — MALLORCA FLOODING DISASTER

    His body was found a distance away from where the taxi was found with the two Britons inside. Video footage showed cars turned upside down, damaged houses and trees in the road.
    Is this the Nokia 7.1 Plus popping up in benchmarks?

    Is this the Nokia 7.1 Plus popping up in benchmarks?

    It has a lot of other good things and some not so good things that we will cover in detail in this review of the Nokia 5.1 Plus. In the photography department, the Nokia 3 .1 Plus features a 13MP+5MP dual rear camera setup with PDAF and fixed focus lens.
  • Dow Jones industrials sink 700 points as bond yields rise

    Dow Jones industrials sink 700 points as bond yields rise

    The 10-year Treasury yield remained at 3.20 per cent, about where it was late on Tuesday, after earlier touching 3.24 per cent. Futures point to a 0.5% fall for the S&P 500 , a 0.5% decline for the Dow Jones Industrial Average and a 0.7% drop for Nasdaq.
    Nokia 3.1 Plus: Quick unboxing and first impression

    Nokia 3.1 Plus: Quick unboxing and first impression

    After successfully enrolling your device, you will receive the Android 9 Pie beta build via an over-the-air (OTA) update. HMD has proven itself to be a reliable option when it comes to seeding software updates, so no questions in that aspect.
    Carrie Underwood wins favorite female country artist at American Music Awards

    Carrie Underwood wins favorite female country artist at American Music Awards

    The pop star also continued to use her superstar platform to remind everyone to get out and vote . I have an incredible team of people who make my universe go round, so thank you so much.
  • Roberts asks federal judges to handle Kavanaugh complaints

    Roberts asks federal judges to handle Kavanaugh complaints

    Kavanaugh remains a federal judge and the complaints "allege misconduct that occurred while Kavanaugh was on the D.C. Any member of the public can file a misconduct claim against a judge on the circuit where he sits, she noted.

    Trump takes aim at 'crazy' Fed as markets sink following U.S. slump

    I think the Fed has gone insane ", Trump told reporters as he arrived for a campaign rally ahead of the USA mid-term elections. Trump was briefed on the market turmoil earlier in the day, a White House official said.
    South Korea considers lifting some sanctions on North Korea

    South Korea considers lifting some sanctions on North Korea

    More than 10 million North Koreans, almost 40 percent of the population, are undernourished and need humanitarian aid, it said. On Tuesday, Trump said that he was planning a second summit with Kim for the near future.


Most liked

President Trump has a Thursday lunch date with Kanye West
West is married to reality television star Kim Kardashian West , who pushed Trump to grant a pardon for a drug offender this year. After he finished, The president concluded, "He can speak for me any time he wants. he's a smart cookie".

Los Angeles Fire Department Bills Verne Troyer's Estate for Ambulance Ride
Troyer addressed his current situation at the time in an Instagram post , writing "I'd like to address a very personal situation". The Los Angeles Department of Medical Examiner-Coroner added, "The manner of death was certified as a suicide".

STORM CALLUM: Met Eireann extend five weather warnings
Director Stephen Stewart said: "Even though power cuts are rare, during times of heavy rain and flooding they become more likely". The RSA said that with the risk of coastal flooding, motorists should not attempt to drive through flooded areas.

Hurricane Michael Has Arrived
The areas that took the brunt of the storm are spread out, officials said, with very few access points where they can receive aid. Michael was blamed for at least two deaths: a man in Gadsden County died when a tree fell and a girl in Seminole County, Georgia.

Kiradech aims for fast PGA Tour start
Twenty years later, I hold a Tour card, I can't explain how it feels but it is such a good moment for me. I went to Napa (for Safeway Open) and I was still in my practice mode, a little rusty, Lahiri added.

Saudi team after Post writer included soldiers, royal guards
The issue threatened the strong relationship the Trump administration has constructed with Mohammed Bin Salman . Khashoggi's fiancé Khadija Cengiz has broken her silence over the disappearance of the Saudi critic.

Google's Home Hub is more like a Chromecast than an Android tablet
In that respect, it's more closely related to the Chromecast and Google Home than other smart displays. The Lenovo Smart Display is $199 and $249 for 8- and 10-inch models, so it's appropriate for the size.

Michael 3rd most intense US landfalling hurricane on record
The reason? Michaels late formation exposed it to the kind of weather system Wednesday normally see later in the year. Normally, the seasonal transition from summer to fall causes oceans in the northern hemisphere to cool by October.

US President Trump calls the US Fed 'crazy', stock declines a 'correction'
Later on Wednesday in an interview on Fox News, Trump dismissed the idea that trade tensions with China caused the dive. On Friday, federal data showed that the US jobless rate fell to 3.7 percent in September, its lowest point since 1969.

Selena Gomez is Being Treated at Mental Health Facility Following Medical Issues
She is now reportedly receiving treatment, including dialectical behavior therapy, at the same psychiatric facility. Selena Gomez is seeking treatment after suffering an emotional breakdown while in hospital, PEOPLE reports.

'Polio-like' illness cases flaring up: Should you be concerned?
Most AFM sufferers notice sudden muscle weakness in their limbs and loss of reflexes. The doctor says there is no need to panic and there's no vaccine for the disease.

Hurricane slams Florida panhandle, Georgia — WHAT'S HAPPENING
Hurricane-force winds extend outward up to 45 miles from the center and tropical-storm-force winds extend outward up to 175 miles. Meteorologists use central pressure readings to gauge a hurricane's strength — the lower the pressure, the stronger the storm.

Seann Walsh's girlfriend Rebecca Humphries has left him and taken the cat
In the BBC interview on Wednesday evening Walsh said: 'I think that, obviously I'm sorry for the hurt that I've caused. Earlier this week, Mr Walsh was publicly dumped by his Norwich-born girlfriend Rebecca Humphries.

Saha chastises Pogba for ‘attack comments
Deschamps suggested that the prospect of Pogba once again quitting United for Juventus was not so far-fetched. But I hope with all my heart that it's one of the four, because there is [also] NG [N'Golo Kante]".

Hurricane Michael Decimates Florida Panhandle, Kills at Least One
It appeared to be so powerful that it was expected to remain a hurricane as it moved into Alabama and Georgia early Thursday. Storm surge is going to be the worse where eye makes landfall - just to the east or south of where the eye makes landfall...