International Monetary Fund chief to US, China: De-escalate trade dispute, fix trade rules

International Monetary Fund chief to US, China: De-escalate trade dispute, fix trade rules

In an statement, IMF Managing Director Christine Lagarde said she met on October 11 with Pakistani Finance Minister Asad Umar and the governor of the country's central bank, Tariq Bajwa, on the sidelines of a conference in Bali, Indonesia. Citing the impact of US taxes on Chinese imports, however, the International Monetary Fund shaved the outlook for China next year to 6.2 percent, which would be the country's slowest growth since 1990.

She said such disclosures were necessary to determine the debt sustainability of countries seeking International Monetary Fund loans.

To offset the effects of Federal Reserve rate rises, USA 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.

The rules-making World Trade Organization, based in Geneva, has ways of addressing USA complaints that China's policies unfairly extract advanced technologies and put foreign companies at a disadvantage in its push to dominate certain industries, she said.

"In whatever work we do we need a complete understanding and complete transparency about the nature of a debt that is bearing on a country", she said. The Finance Minister shared with the World Bank leader, the vision of the new government and its priorities.

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

PM Imran said he wanted to provide relief to citizens and will steer the country clear of the impending financial disaster.

"Our strong recommendation is to escalate work for a world trade system that is stronger, that is fairer and is fit for the objective", she said in opening remarks.

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He said that without free trade, there would be no hope of helping millions of people escape dire poverty.

Steps by the Chinese to ease some regulations could boost the economy in the near-term, but "may entail greater risks to financial stability over the medium term", the report said.

Mr Milesi-Ferretti noted Nigeria's (economic) growth of about 1.9 per cent this year to rise to about 2.3 in 2019, with South African economy, now in technical recession at only 0.8 per cent growth rate this year. "I am a globalist".

Policies to build such human capital are among the "smartest investments countries can make", he said. That is our only chance of ending extreme poverty. The report said that aggregate growth in the emerging market and developing economy group stabilised in the first half of 2018. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, but India is basically steady.

The growth rate of United States for 2018 is 2.9 per cent and that of 2019 has been powered to 2.5 per cent.

The report analysed China's public balance sheet and found that its general government net financial worth has deteriorated in recent years to about 8 per cent of GDP, largely because of subnational borrowing and underperforming public corporations.

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

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