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International Monetary Fund to launch financial assistance talks with Pakistan

11 October 2018

The Fed last raised rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of economic growth.

Thousands of security personnel have fanned out around key venues in Nusa Dua, just south of Bali's main worldwide airport, with some 32,000 delegates, including finance ministers and central bankers, attending the IMF-World Bank meetings.

Over the weekend, the PBOC cut bank reserve requirement ratios for a fourth time this year to ease credit conditions and support businesses, including exporters hit by the US trade war.

The IMF said higher trade barriers could disrupt global supply chains, slow the spread of technology and ultimately lower global productivity and welfare.

Lagarde said that work was ongoing on the possible spill over effect of the trade war between the USA and China on Nigeria.

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Pakistan has gone to the International Monetary Fund repeatedly since the late 1980s. She said this requires an assessment of both sovereign and state enterprise debt to actually determine the debt sustainability of a country as financing programs are considered.

Lagarde weighed into the currency debate on Thursday and appeared to side with China, saying that yuan weakness against the dollar was driven by the greenback's strength as the U.S. Federal Reserve hikes interest rates.

The People's Bank of China (PBOC) has lowered the amount of money banks must set aside as reserves, known as the reserve requirement ratio, four times this year to ensure adequate liquidity in the financial system to support the economy.

The U.S. and Chinese exchanges of penalty tariffs in their dispute isn't helping, she said.

"It's tempting to be a bit depressed about this perspective but I'm actually hopeful because there is a clear appetite to improve and expand trade", she said.

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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. "We will get out of this crisis".

"Trade tensions have escalated, policy uncertainties have increased in a number of countries, and some emerging market economies are facing financial-market pressures", Tobias Adrian, financial counsellor and director of the monetary and capital markets department of the IMF, said. During the meeting the current level of Pak-World Bank cooperation was reviewed.

Russia's economic growth is supported by a recovery in domestic demand and higher fuel prices, the International Monetary Fund said.

The Fund said that revenue gains from non-financial public corporations and government financial assets alone could be as high as 3 per cent of GDP a year, equivalent to the annual corporate tax collections across advanced economies.

The annual summit for global finance brings together central bankers and finance ministers, development experts and civil society groups from across the globe. "And we've canceled a couple of meetings because I say they're not ready to make a deal".

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International Monetary Fund to launch financial assistance talks with Pakistan