Asad Umer meets IMF Chief, formally requests provision of loans

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

A report published by World Bank on Sunday said despite a modest rebound recently, there was a 10 percent depreciation compared to the beginning of the year and a 14 percent depreciation compared to one year before. Overall, global growth will remain steady - about 3.7 percent this year - and exceed that of 2012-2016.

With much of the U.S.

Citing the U.S. tariffs on China and Beijing's retaliatory measures, as well as U.S. President Donald Trump's plan to impose global automobile and parts tariffs, International Monetary Fund chief economist Maurice Obstfeld said he regards "further disruption in trade policies" as major near-term downside risks.

A raising of US interest rates has also helped send emerging market currencies into a tail spin, as countries that borrowed heavily in dollars race to pay back their debt.

In the latest report, Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts.

The IMF issued a statement after Lagarde met with Finance Minister Asad Umar in Indonesia on the sidelines of IMF-World Bank annual meetings. -China tariff war's impact to be felt next year, the fund cut its 2019 USA growth forecast to 2.5 percent from 2.7 percent, while it cut China's 2019 growth forecast to 6.2 percent from 6.4 percent.

The IMF expects the USA economy to grow 2.9 percent this year, the fastest pace since 2005 and unchanged from the July forecast.

It cautioned, "Turkey has a currency that is about 40 percent cheap to its long-term average, and the International Monetary Fund assumes the CA deficit will shrink from 5.7 percent of GDP in 2018 to 1.4 percent of GDP in 2019".

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The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on global monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on worldwide monetary matters.

"We are all deeply concerned about this news and the potential impact on the business". These policies have contributed to a slowdown in economic growth, which is happening just as trade tensions with the US are starting to bite.

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".

"We will be listening very, very attentively when and if they come to us", said Obstfeld.

The report was written before the United States, Canada and Mexico finalized an updated trade deal.

Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union.

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

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