International Monetary Fund director warns trade, currency wars could be detrimental for global growth

12 Octubre, 2018, 01:03 | Author: Arnold Perez
  • Finance Minister Asad Umar speaks in a video message. — DawnNewsTV

Finance Minister Asad Umar left for Indonesia on Monday night to participate in the annual meetings of the International Monetary Fund and World Bank at Bali, scheduled to run until October 12, and formally request a bailout programme, reports Dawn news. It's also the spending side.

It had warned how the United States and China was making the world a "poorer and more unsafe place" as the nations remain locked in a tit-for-tat trade conflict, slapping strings of tariffs on each other.

Khan, who took office in July, has been seeking alternatives to a second IMF bailout in five years - which would be likely to impose tough conditions on government policy, limiting his vision of an Islamic welfare state - but decided on Monday to open talks with the worldwide lending body.

"In the tax administration, to increase the compliance rate, something could be done to increase tax audit, use e-filing to greater extent, there is data matching exercise; generally try to reduce tax invasion, possibly corruption as well". Prices of basic goods have gone up, angering many.

"So, it (India's debt) is substantially less than the global debt as percentage of world GDP", Gasper told PTI.

As Wall Street suffered its worst one-day fall since February on Wednesday, Trump accused the Fed of moving too fast in raising interest rates when inflation is minimal and government data points to a strong economy.

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According to it in the 10 years between the Asian financial crisis and the global financial crisis, global debt has more than doubled with pace of leveraging slowing down after that.

Among major US trading partners, Japan and the European Union have won exemptions from the planned USA auto tariffs while respective trade negotiations with Washington are underway.

"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response", the International Monetary Fund said.

"The scars from the global financial crisis are still evident on public wealth a decade later", the report said, adding that the net worth of 17 advanced economies together was now $11 trillion lower than it had been prior to the crisis.

He said the talks would be held for "such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis".

The Fed's rate hikes have already piled pressure on emerging market economies, increasing the risk of capital outflows as investors seek higher returns. 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.

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