We are seeing major reforms in India

20 Abril, 2018, 02:25 | Author: Arnold Perez

In a comment that turned out to be a major surprise Thursday, International Monetary Fund Managing Director Christine Lagarde praised the corporate tax cut in President Trump's tax reform package.

She made the remarks during an interaction with reporters at the start of the spring meeting of the worldwide finance organisations.

"Investment and trade are two key engines that are finally picking up".

The Washington-based crisis lending agency this week forecast that global growth for 2018 and 2019 will be stable at an annual rate of 3.9 percent, the fastest expansion in eight years.

"It will not be something that affects two countries".

"What is more important is something that is hard to measure in the short term, and that has to do with confidence. I would hope that the Indian authorities, starting with Prime Minister Modi pay more attention because it is needed for the women of India", Lagarde said.

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"My suspicion is that there will be many bilateral discussions to be had between the various parties involved", Lagarde said, adding that the issue would also be discussed in larger sessions involving the Fund's 189 member countries.

Lagarde however cautioned that "unilateral trade restrictions have not been helpful, and we suspect that they might even dent confidence".

Even with the implied critique of Trump's tactics, Lagarde praised the massive USA corporate tax reform which the Fund "advocated, recommended, encouraged, and is very pleased to see happening". But at the same time, she urged the U.S. to take advantage of good economic times to reduce its debt and deficits, rather than increase them.

"We expect more and you know, whether it's in the banking sector or in other sectors, more reforms are expected", she said.

But it will be the implementation that matters, she said.

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