IMF chief, Pakistan FM meet as Islamabad seeks bailout

IMF chief, Pakistan FM meet as Islamabad seeks bailout

Fintech has the potential to reach the 1.7 billion adults in the world that don't have access to financial services, IMF Managing Director Christine Lagarde said in a statement.

To offset the effects of Federal Reserve rate rises, United States trade tariffs and domestic economic pressure caused by tighter financial regulation aimed at reducing debt risks in China's financial system, the Chinese authorities have eased monetary policy and the implementation of proposed new financial regulations.

She said the rules-making World Trade Organization (WTO) had ways of addressing US complaints that China's policies unfairly extract advanced technologies and put foreign companies at a disadvantage.

The former cricketer said Pakistan will need $10 billion-$12 billion assistance in all, but said that should not be "a major issue".

The annual summit for global finance brings together central bankers and finance ministers, development experts and civil society groups from across the globe.

She, however, said that spillovers could occur in various volatile ways.

"I would certainly start with a tight monetary policy, higher non-oil revenue mobilization", the IMF boss said.

"I want to tell all of you to stay strong and not to panic".

Somewhat obliquely, she said policies aimed toward an excessively "dominant position" were not compatible with free and fair trade.

The Swiss figures go against the current global economic growth trend, which the International Monetary Fund has reduced from its previous estimate of 3.9% to 3.7% for 2018 and 2019. That is our only chance of ending extreme poverty. If tariffs were imposed to their most extreme limits there would be a "clear slowdown and the impact on the developing countries would be greater", he said.

Besides, the Africa Export Import Bank (Afreximbank) said it had committed more than $3.2 billion in Nigeria to support virtually all the financial institutions in terms of lines of credit for import and export activities as well to assist small and medium-sized enterprises (SMEs). China was the fastest growing economy in 2017 as it was ahead of India by 0.2 percentage points.

It cautioned, "Turkey has a currency that is about 40 percent cheap to its long-term average, and the International Monetary Fund assumes the CA deficit will shrink from 5.7 percent of GDP in 2018 to 1.4 percent of GDP in 2019".

At a news briefing on Tuesday, IMF chief economist Maurice Obstfeld outlined the economic challenges that Pakistan was facing now and also commented on its ability to finance itself. Any such help would have to be completely "transparent", she added.

Leaders of the Association of Southeast Asian Nations have reaffirmed their commitment to open trading systems that have underpinned their economic growth.

The US has accused China of "debt-trap diplomacy" by lending countries money to pay Chinese companies to build infrastructure that the recipients can't afford. The meetings include sideline events staged by non-governmental organizations.



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