IMF's Lagarde warns trade, currency wars could be detrimental for growth

Finance Minister Asad Umar speaks in a video message. — DawnNewsTV

Pakistan needs more infrastructure development, Obstfeld added, and the country could benefit from China's role in supporting its project financing. "Fix the system. Don't break it".

Global growth is expected to remain steady at 3.7 per cent in 2020, as the decline in advanced economy growth with the unwinding of the United States fiscal stimulus and the fading of the favorable spillovers from USA demand to trading partners is offset by a pickup in emerging market and developing economy growth.

The normalization of monetary policy in the United States as well as a stronger dollar and escalation in trade tensions has already begun to affect emerging market economies, the Fund said.

"In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country", Lagarde told a news conference when asked about Pakistan's debts to China.

Just a few days ago, the BSP, in a move widely anticipated by markets, made a decision to hike its main policy rates for the fourth consecutive meeting this year in an effort to pull down the stubbornly high prices in the country.

Market participants "appear complacent" about the potential risks from a "sudden, sharp tightening of conditions" - like rising interest rates or declining access to capital.

The global crisis lender, which in Indonesia this week is staging its annual meetings with the World Bank, cut its outlook for global GDP on Monday by two tenths to 3.7 percent through next year.

Meghan Markle's ex-husband marries heiress after four-month engagement
She also insisted she wasn't turned away from the Duke and Duchess of Sussex's residence and didn't demand to see her sister, because she's "not that tacky and rude".

U.S. President Donald Trump has accused China of deliberately manipulating its currency to gain a trade advantage, claims Beijing consistently rejected.

"Trade deficits don't (necessarily) mean cheating by the other side". Yi also said China would continue to open up its financial markets, including to foreign ratings agencies and bond investors, the attendees said.

"If these tensions were to escalate, the global economy would take a significant hit", Lagarde said in her speech. Trump has justified the higher USA tariffs as a response to the trade imbalance between the two countries, and China has swiftly responded with higher levies on US imports.

India's debt is below the average of advanced economies and below the average of emerging market economies, he said.

Despite the Federal Reserve's interest rate increases, financial conditions "have eased further" in the USA as equity valuations have stayed lofty.

The Deputy Director at the fund's Fiscal Affairs Department, Paolo Mauro, while speaking on Nigeria's revenue challenge, noted that while the priority of the country was increasing non-oil revenue, the ratio of interest payments, however, had continued to rise out of proportion.

While Nigeria will grow from 1.9 per cent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the International Monetary Fund said yesterday.

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