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IMF Raises Russia's GDP Growth Forecast to 1.8% in 2019

12 October 2018

Pakistan faces a looming balance-of-payments crisis, with Prime Minister Imran Khan saying it needs $10-12 billion.

"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", she said.

With much of the U.S.

US President Donald Trump imposed a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to 25 percent by the end of 2018. "During the meeting, they requested financial assistance from the International Monetary Fund to help address Pakistan's economic challenges".

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Lagarde said later that she believed Chinese authorities were taking steps to maintain growth, stability and investor confidence amid the trade conflict, but faced a "complicated" balancing act to keep its fiscal situation under control. Before dawn on Thursday, an earthquake collapsed homes on Indonesia's Java island, killing at least three people just two weeks after a major quake and tsunami disaster in a central region of the archipelago killed more than 2,000 people and left perhaps thousands more buried deeply in mud. On top of the International Monetary Fund, the World Bank and the Asian Development Bank are expected to lend money, as they did in 2013.

"Trade deficits don't (necessarily) mean cheating by the other side". Rising interest rates are drawing investment flows out of emerging markets in Asia and Latin America at a time when growth in their exports is likely to slow.

The country also wouldn't have to knock on the Fund's door if the government managed to convince overseas Pakistanis to send $20 billion in remittances through banking channels, he said. The requirements are likely to shine a spotlight on the extent, composition and terms of Pakistan's debts to China for infrastructure projects as part of Beijing's massive Belt and Road building programme.

Lagarde said she would meet Pakistani officials on Thursday, with expectations that Islamabad will request a bailout of its shaky economy. Pakistan's currency plunged by around 7 percent earlier this week after word of the loan request was made public.

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While banks have increased their capital and liquidity buffers since the global financial crisis a decade ago, they remain exposed to highly indebted companies, households and sovereigns, as well as to holdings of opaque and illiquid assets, and to the use of foreign currency funding.

The prime minister mentioned the trend for borrowing of house building loans in other countries and said in the United States nearly 80% people construct houses through loans, in Malaysia 33%, India 11%, Bangladesh 3%, while in Pakistan only 0.25%. A convoy of armed personnel carriers was lined up alongside a beach path and access to the area was tightly controlled.

Registration for the houses will begin from Thursday with the cooperation of National Database and Registration Authority (NADRA), which has been tasked with collecting data to identify those in need.

In countries with "systematically important financial sectors", total non-financial debt has risen to US$167 trillion, or about 250 per cent of their combined GDP, up from US$113 trillion or 210 per cent of GDP in 2008.

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"I would certainly start with a tight monetary policy, higher non-oil revenue mobilization", the IMF boss said.

IMF Raises Russia's GDP Growth Forecast to 1.8% in 2019