Pakistan poised to seek bailout from International Monetary Fund to stabilise economy

Finance Minister Asad Minister briefed Prime Minister Imran Khan on the potential bailout package

But in its latest World Economic Outlook, the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, saying trade policy tensions and the imposition of import tariffs are taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. Indonesia has been swept up in the market turmoil triggered by rising US interest rates and a stronger dollar, which has pushed the rupiah down 11 percent this year.

China's economy could also take a hit: The IMF revised its forecast for economic growth in 2019 down to 6.2 percent, slightly lower than previous estimates and down from 6.6 percent this year.

Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth.

Nigeria's debt stock increased by 3 percent from N21.68 trillion recorded in December 2017 to N22.4 trillion ($73.21 billion) at the end of June 2018, but the government is spending over 63 percent of its revenue on debt servicing. "Several of the downside risks highlighted in the April 2018 World Economic Outlook (WEO) ... have become more pronounced or have partially materialized".

On the global ratings, International Monetary Fund cut its global growth forecasts due to the trade tensions between the USA and trading partners.

"So what we are doing right now is trying to understand exactly where countries sit in the global value chain", Dr Kim said.

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"Priority areas in Russian Federation include improving property rights and governance, enhancing the institutional infrastructure, reforming labor markets, and investing in innovation and infrastructure", the report added.

"Looking ahead, renewed impetus to reform labour and land markets, along with further improvements to the business climate, are also crucial", it said.

Asked about the escalating dispute between the USA and China, Lagarde said that so far there had been no "contagion" of major damage from penalty tariffs imposed by the two countries on each other's exports, but that they do risk hurting "innocent bystanders".

China is the main driver of private sector debt growth in emerging market economies, but bear in mind that in China, the border between public and private is blurry. "Any sharp reversal for emerging markets would pose a significant threat to advanced economies", said Obstfeld.

"Notwithstanding the present demand momentum, we have downgraded our 2019 United States growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation". In India, a high interest burden and risks from rising yields require continued focus on debt reduction to establish policy credibility and build buffers.

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