PM Khan seeks 'loan details' of previous 10 years

12 Octubre, 2018, 11:22 | Author: Kelly Blake
  • The prime minister says the overseas Pakistanis were an asset to the country

Pakistan faces a looming balance-of-payments crisis, with Prime Minister Imran Khan saying it needs $10-12 billion.

"Clearly as a result of (rate hikes). we see and we will continue to see capital flow movements", she added.

Prominent U.S. academic Jeffrey Sachs was less diplomatic in his assessment of Trump's shepherding of American trade relationships, slamming the president's repeated claims that deficits with China and other nations meant Americans were being taken advantage of.

Citing the U.S. tariffs on China and Beijing's retaliatory measures, as well as U.S. President Donald Trump's plan to impose global automobile and parts tariffs, International Monetary Fund chief economist Maurice Obstfeld said he regards "further disruption in trade policies" as major near-term downside risks.

They show that a burst of strong growth, fueled partly by United States tax cuts and rising demand for imports, was starting to wane.

Lagarde said later that she believed Chinese authorities were taking steps to maintain growth, stability and investor confidence amid the trade conflict, but faced a "complicated" balancing act to keep its fiscal situation under control. The country is ranked 87th of 150 countries in the list.

The annual financial meetings take place at a time of growing concern over trends other than trade, such as moves to raise borrowing costs in the USA and some other regions to help cool growth and keep inflation in check.

Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up.

Argentina and Pakistan, Venezuela and Zimbabwe are among countries grappling with crises.

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China has already clarified that Pakistan's debt burden was not caused by CPEC or related projects.

Lagarde said in a statement that the request came during her meeting with Pakistani finance minister Asad Umar, and central bank governor Tarik Bajwa on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali.

Reserves have plummeted 41 percent this year to stand at $8.3 billion, or about 1.6 months of import cover, despite China lending billions of dollars to Islamabad to prop up the currency. Pakistan's currency plunged by around 7 percent earlier this week after word of the loan request was made public.

"We need to have a complete understanding and absolute transparency about the nature, size and terms of the debt that is bearing on a particular country", IMF MD Christine Lagarde told reporters in Bali.

"It's inevitable that central banks make the decisions that they make".

"In the United States, momentum is still strong as fiscal stimulus continues to increase, but the forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on $200 billion of USA imports from China", IMF report said.

Bali has suffered terrorist bombings in the past, and the event was being held amid tight security.

Still, about a dozen activists concerned with land grabs and other issues sometimes associated with World Bank-sponsored projects staged a brief, peaceful protest over the cancellation by local authorities of a conference they were to hold in the nearby city of Denpasar.

In countries with "systematically important financial sectors", total non-financial debt has risen to US$167 trillion, or about 250 per cent of their combined GDP, up from US$113 trillion or 210 per cent of GDP in 2008.

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