PM announced Naya Pakistan Housing Project

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IMF Chief also confirmed the news of meeting with the Minister and other Pakistani officials and said in a statement, "During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges".

He said that the incentives given by his government can also lead to exports rising by $10 billion from a current $20 billion.

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund chief Christine Lagarde said on October 10, in a rebuke to nationalist politicians pushing tariffs and protectionism.

Khan was elected in July with the support of many poorer Pakistanis desperate for a change in a nation where the illiteracy rate hovers above 40 percent, healthcare is shoddy, and joblessness or underemployment rife among the country's 208 million people.

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.

"To get there, they have to go through these painful measures now".

"Our strong recommendation is to escalate work for a world trade system that is stronger, that is fairer and is fit for the objective", she said in opening remarks.

The IMF has downgraded its forecast for global economic growth to 3.7 percent this year from its earlier estimate of 3.9 percent.

In a nod to the International Monetary Fund, which called the rupee "over-valued", Pakistan's central bank on Tuesday carried out its fifth devaluation since December, sending the rupee tumbling 7.5 percent to take its losses to 26 percent in the past 10 months. Officials now expect the debt to GDP ratio to rise above 70 percent.

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The prime minister said a foreign company has approached the relevant authorities in Pakistan expressing their desire to invest a huge amount of United States 20 billion dollars in the housing programme. "We are determined to understand the full details of what has happened and will communicate these to investors and stakeholders as soon as possible", said chairman Luke Johnson. Khan's government blames the previous administration for the country's economic woes.

While banks have increased their capital and liquidity buffers since the global financial crisis a decade ago, they remain exposed to highly indebted companies, households and sovereigns, as well as to holdings of opaque and illiquid assets, and to the use of foreign currency funding.

The latest bailout talks come amid increased scrutiny over China's infrastructure loans to Pakistan.

China has pledged some $60 billion in financing to Pakistan for ports, railways and roads, but rising debt levels have caused Islamabad to cut the size of the biggest Belt and Road project by some $2 billion.

The IMF said the high downside risks in the medium-term are driven by relatively elevated United States interest rates, a strong U.S. dollar and a strong global risk appetite, which "tends to boost portfolio flows in the near term but foreshadows weaker inflows in the medium term".

Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union.

Just before going into the meeting with Pakistan's finance team, Ms Lagarde was asked about Pakistan's growing stockpile of Chinese debt at a press conference.

Thursday's magnitude 6.0 quake offshore north of Bali shook the area where the IMF-World Bank delegates are meeting, but there were no signs of significant damage. China and Saudi Arabia may also contribute.

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