International Monetary Fund and Pakistan Officials Scheduled to Meet Today to Seek Bailout

International Monetary Fund and Pakistan Officials Scheduled to Meet Today to Seek Bailout

International Monetary Fund and Pakistan Officials Scheduled to Meet Today to Seek Bailout

"Meanwhile the Fund has alerted on the need for countries across the world to step up revenue collections to match rising global debt which hit an all time high at $182 trillion at the end of 2017".

That initiative includes China, India and Japan, but not the United States.

"There has been a lot of noise in the country (after decision to go to IMF) during the last 48 hours as if the sky is going to fall".

Over 15,000 delegates from 189 countries are now gathered at Bali, Indonesia, for IMF/WB Group annual meetings from October 10-14, 2018.

Pakistan began exploring the possibility of yet another loan package with the International Monetary Fund while the PML-N was still in power and the exploratory talks continued under the interim government as well.

Those involved had badges allowing them to enter the tightly guarded venue.

"We discussed important economic issues", Mnuchin said of their meeting on Twitter.

Pakistan has received more than a dozen financial support packages from the International Monetary Fund in the past.

Pakistan is one of a number of countries that have accepted Chinese financing for projects of Beijing's "Belt and Road Initiative" for building roads, ports and other infrastructure across the globe.

It had warned how the U.S. 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.

Any major economic shock in developing nations would also come to bear on leading economies, including the US.

The US and China have slapped tit-for-tat tariffs on hundreds of billions of dollars of each other's goods over the past few months, rattling financial markets as investors worry that the escalating trade conflict could knock global trade and investment.

Lagarde told her audience yesterday that she did not feel overly gloomy about global conditions. "Fix the system. Don't break it".

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing has consistently rejected.

She suggested that negotiating some World Trade Organisation (WTO) rules pertaining to state subsidies and measures to embrace competition to avoid market-dominant positions must be at the centre of efforts to lessen these disputes.

"My recommendation is very simple: De-escalate, fix the system and don't break it because all countries have had the benefit of that legal framework for many years and it has served the worldwide trade rather well", Ms Lagarde said at press conference during the IMF-World Bank meetings in Bali. In September, Trump imposed tariffs on almost $200 billion of Chinese imports, with China responding with higher tariffs on about $60 billion of US imports.

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