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

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

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

Donald Trump's trade wars are starting to have a serious impact on the global economy, the International Monetary Fund has warned.

Yi also said China would continue to open up its financial markets, including to foreign ratings agencies and bond investors, the attendees said.

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

"During the meeting, they requested financial assistance from the International Monetary Fund to help address Pakistan's economic challenges", Lagarde said in a statement.

It's not just Australia feeling the bite from the $US200 billion worth of tariffs on Chines products announced last month by President Trump.

In a tweet, Mr Trump warned Beijing against seeking to influence the forthcoming United States midterm elections.

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, partly due to the heated global trade tensions as well as rapidly rising dollar yields.

If projections are true, then India would regain the tag of fastest growing major economies of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.

It said that risks to the short-term outlook had "shifted to the downside".


The UK economy, meanwhile, is expected to grow 1.4 percent this year and 1.5 percent in 2019 - falling behind nearly all of Europe, with the exception of heavily-indebted Italy.

The IMF says that Argentina's economy can only be turned around with "the firm implementation of reforms and the recovery of confidence".

"Notwithstanding the present demand momentum, we have downgraded our 2019 U.S. growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation." .

Mr Obstfeld said the world would become a "poorer and more unsafe place" unless world leaders worked together to raise living standards, improve education and reduce inequality. Growth has proven to be less balanced than we had hoped.

In recent weeks, U.S. Treasury officials have expressed concerns about China's weakened yuan as the department prepares its semi-annual report on currency manipulation. "The negative revisions for emerging market and developing economies are more severe, at -0.2 and -0.4 percentage point, respectively, for this year and next year", Mr. Obstfeld said.

"The possible failure of Brexit negotiations poses another risk".

It believes Brexit will fundamentally change parts of the United Kingdom economy, leaving some workers out of a job.

Umar told Bloomberg in August that the government may need more than US$12 billion (RM50 billion).

It said interest rates could go up quickly depending on events in the US.

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