Pakistan to start talks with International Monetary Fund as rupee continues to fall

Pakistan to seek IMF bailout to overcome financial crisis

IMF Chief also confirmed the news of meeting with the Minister and other Pakistani officials and said in a statement, "During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges".

Speaking to journalists in Bali, the Deputy Director, Research, IMF, Gian Maria Milesi-Ferretti, said the largest economies on the continent were holding down economic development in Africa as a result of poor growth rate.

The IMF said the balance of risks was now tilted to the downside, with a higher likelihood that financial conditions will tighten further as interest rates normalise, hurting emerging markets further at a time when US-led demand growth will start to slow as some tax cuts expire.

The IMF said in an update to its World Economic Outlook it was now predicting 3.7% global growth in both 2018 and 2019, down from its July forecast of 3.9% growth for both years.

The IMF expects the U.S. economy to grow 2.9 per cent this year, the fastest pace since 2005 and unchanged from the July forecast.

The benchmark stock index fell to the lowest in more than two years on Monday amid worries of the worsening economic crisis.

The International Monetary Fund (IMF) could place strict conditionalities, forcing Pakistan to seek additional loans for meeting those restrictions and this could expand the loan facility to $12 billion, said the report in the Dawn newspaper.

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Other victims were found in Arta and the coastal village of S'illot, where the creek that overflowed reaches the sea. In December 2016, southern Spain was hit with severe weather, resulting in widespread flooding and several deaths.

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In their latest Global Financial Stability Report, the International Monetary Fund said: "A further escalation of trade tensions, as well as rising geopolitical risks and policy uncertainty in major economies, could lead to a sudden deterioration in risk sentiment, triggering a broad-based correction in global capital markets and a sharp tightening of global financial conditions".

Nigeria's growth is projected to increase from 0.8 per cent in 2017 to 1.9 per cent in 2018 and 2.3 per cent in 2019 (0.4 percentage point higher than in the April 2018 WEO for 2019), buoyed by the impact of recovering oil production and prices.

The head of the World Trade Organization warned that a "full-blown commercial war" could shrink global trade by almost 18% and also knock worldwide GDP, hurting the US, China, and others.

"It also expects the economy to grow 1.4 per cent in 2019, down from a previous estimate of 1.7 per cent".

"However, efficiency, competition, and governance in the banking system should still be improved".

Trump has repeatedly touted Wall Street record highs as proof of the success of his policies including a confrontational trade strategy, and frequently criticises the Fed for gradually raising interest rates, which could press the brakes on equity markets.

"We need to join hands to fix the current trade system, not destroy it", she added. The report showed household debt to GDP in China has more than doubled over the past decade to just under 50%, while that of other emerging market economies has remained relatively stable at just under 20%.

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