Pakistan to seek International Monetary Fund bailout to overcome financial crisis

IMF should objectively evaluate CPEC projects while granting Pakistan bailout package says Beijing

Pakistan's new government has chose to open talks on emergency financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday.

Lagarde told reporters the Fed's rate hikes were justified by fundamentals.

Growth prospects in Africa are being held down by poor economic development in Nigeria, South Africa and Angola, the International Monetary Fund has said.

While the IMF's outlook for the Chinese economy stayed at 6.6% this year, its forecast for next year of 6.2% represents the slowest growth rate the Asian country has seen since 1990.

The IMF said a new data base in its semi-annual Fiscal Monitor report showed considerable net worth in 31 countries that account for 61 per cent of global economic output.

Lagarde also touched on the economic situation in eurozone member Italy, warning Rome that it was well-advised to abide by European Union fiscal rules and adhere to the bloc's financial stability regulations amid concerns that the country's 2019 budget could exacerbate financial problems.

She said this requires an assessment of both sovereign and state enterprise debt to actually determine the debt sustainability of a country as financing programs are considered.

The unresolved trade conflict between the United States and China could lead to a prolonged impact on both nations, a study Tuesday by the International Monetary Fund said.

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"That said, risks could rise sharply, should pressures in emerging-market economies mount or if trade tensions escalate".

They show that a burst of strong growth, fueled partly by U.S. tax cuts and rising demand for imports, was starting to wane.

Both Iran and Russian Federation have condemned the Trump administration for withdrawing from the deal, a move that will reimpose US sanctions suspended under the accord to choke off the Iranian economy.

At the top of the list are worries about emerging economies, especially Argentina and Turkey, two countries with heavy external debt that have had to raise interest rates sharply in recent months.

The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday. It now expects the global economy to only expand by 3.7% in 2018 and 2019, down from 3.9% before.

A U.S. Treasury official on Monday repeated that the Trump administration was concerned about the yuan's recent weakening as the department prepares a semi-annual report on currency manipulation due out next week.

The IMF expects the US economy to grow 2.9 percent this year, the fastest pace since 2005 and unchanged from the July forecast.

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

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