International Monetary Fund downgrades SA's 2018 growth forecast to 0.8%

11 Octubre, 2018, 07:30 | Author: Arnold Perez
  • IMF should objectively evaluate CPEC projects while granting Pakistan bailout package says Beijing

Pakistan's fiscal deficit was on target to hit 7.2 percent of gross domestic product in the fiscal year ending in June 2019, but the government has introduced measures to bring it closer to 5 percent.

According to reports, the country's premier apprised participants why the government had turned to the International Monetary Fund for a bailout package.

The effects on the USA and China would be particularly severe, with 2019 GDP losses of more than 0.9% in the U.S. and 1.6% in China in 2019.

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

Still, investors have thus far differentiated among emerging markets, rather than fleeing wholesale. He said that if African countries did not find "creative ways" of managing their debt, this could result in poverty levels being prolonged longer than necessary.

The downgrade reflects a confluence of factors, including the introduction of import tariffs between the United States and China, weaker performances by eurozone countries, Britain and Japan, and rising interest rates that are pressuring some emerging markets with capital outflows, notably Argentina, Brazil, Turkey, South Africa, Indonesia and Mexico.

New bank resolution regimes meant to avoid future bailouts are largely untested, the Fund said in its biannual global financial stability update.

Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added.

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The IMF has slashed its latest growth forecasts, downgrading the US, China, the eurozone and the United Kingdom, as tit-for-tat tariffs bite.

"So, it's very stable".

The report also amplified worries about global trade, echoing numerous earlier IMF statements, but noted that trade tensions have thus far affected individual sectors more directly than the financial system. "So, India is not an emerging market economy where leveraging is progressing fast", Gasper said. Total debt is 247 percent of the GDP.

An assessment by the State Bank of Pakistan and the finance ministry showed that Pakistan needed Dollars 11.7 billion to service its external debt in the current fiscal year 2018-19.

The fund, in its latest World Economic Outlook report, said the country needed to implement reforms to improve policy certainty and the efficiency of state-owned companies.

The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported.

The report analysed China's public balance sheet and found that its general government net financial worth has deteriorated in recent years to about 8 per cent of GDP, largely because of subnational borrowing and underperforming public corporations.



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