Pakistan's currency plunges as it seeks International Monetary Fund loan

Pakistan to seek IMF bailout to overcome financial crisis

The Pakistani rupee has fallen by more than 20 percent in four devaluations since December

The IMF has reduced its economic growth forecast for Australia because of the negative impact of an escalating trade war between the United States and China.

When asked to comment that the International Monetary Fund would be scrutinizing the Chinese loans to Pakistan before taking any decision, he said, for the quite sometimes, there was a lot of discussion on Pakistan debt problems and its financial and economic difficulties.

China has responded in kind with its own barrage of levies, rattling nerves especially among other Asian economies and already vulnerable countries like Argentina and Brazil.

"Looking ahead, renewed impetus to reform labour and land markets, along with further improvements to the business climate are also crucial (in India)", it said.

Its chief economist said further trade barriers would hit households, businesses and the wider economy.

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When the world's two biggest economies are "at odds", Obstfeld said, that is going to create "a situation where everyone is going to suffer".

Over the medium term, growth is expected to gradually slow to 5.6 per cent as the economy continues to make the transition to a more sustainable growth path with continued financial de-risking and environmental controls, it noted.

Finance ministers and central bankers from numerous IMF's 189 member nations are meeting in Bali this week with talk of rising protectionism taking center stage.

"Since the April 2018 WEO (World Economic Outlook), protectionist rhetoric has increasingly turned into action".

Growth in emerging markets and developing economies is projected to reach 4.7 percent in 2018 and 2019, 0.2 percentage points and 0.4 percentage points, respectively, lower than the previous forecasts in July.

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And it stressed "cooperative solutions" to help boost continued growth in trade "remain essential to preserve and extend the global expansion".

The pace of consumer price growth is set to accelerate with the International Monetary Fund predicting that inflation will stand at 2.6 percent this year following 1.3 percent in 2017.

US stimulus also adds to the "already-unsustainable" debt and deficit that will undercut future growth, the report warned.

The World Economic Outlook forecast was revised down due to trade measures, including the tariffs imposed on $US200 billion of U.S. imports from China.

The IMF kept its growth forecast for China at 6.6 percent this year, while shaving its projection for China's growth next year to 6.2 percent, down 0.2 percentage points from three months ago.

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While rejecting the impression that the loans under China-Pakistan Economic Corridor (CPEC) were the cause of current financial situation of Pakistan, he said, the Chinese side had explained many times that the CPEC was undertaken by the two governments under the principle of consultations and contributions for shared benefits.

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