Friday, 19 October, 2018


Pakistan requests International Monetary Fund for bailout package

Pakistan has gone to the IMF several times since the late 1980sMore Pakistan has gone to the IMF several times since the late 1980sMore
Conrad Doyle | 11 October, 2018, 15:35

The Pakistani rupee plunged about 7 percent on Tuesday in an apparent central bank devaluation, while the stock market snapped a six-day skid after the government said it plans to seek a bailout from the International Monetary Fund (IMF).

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". It was trading at 6.93 to the dollar in the offshore market on Thursday morning, after the People's Bank of China, the country's central bank, set the midpoint of the currency's daily trading range at 6.9098.

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.

"Nonetheless, despite trade tensions and continued monetary policy normalisation in a few advanced economies, global financial markets have remained buoyant and appear complacent about the risk of a sudden, sharp tightening in financial conditions".

"We certainly hope we don't move in either direction of a trade war or a currency war". It will be detrimental on both accounts for all participants. "And there would also be lots of innocent bystanders", including countries that supply commodities and components to China, such as Indonesia.

Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on US products entering China.

Trump has led the escalating trade war because of what he believes are bad policies he said have created an $800 billion USA trade deficit.

Speaking on a panel at this week's International Monetary Fund and the World Bank meetings in Bali, Governor Mark Carney was asked about Trump's remarks.

With much of the U.S.

The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks.

But China's involvement could also bring potential risks, he said.

Lagarde, however, said the yuan's decline was just a reflection of a strong USA dollar. Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

Lagarde's warnings were echoed by OECD General Secretary Angel Gurria, who said trade tensions had already begun to impact commerce since 2017.

"We will get out of this".

"The government has expressed its desires to enact deep structural reforms that might break the cycle of Pakistan needing financial support from the Fund", he said.

Thursday's magnitude 6.0 quake offshore north of Bali shook the area where the IMF-World Bank delegates are meeting, but there were no signs of significant damage.

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