Pakistan to seek International Monetary Fund loan to avert meltdown

IMF,Indian economy,India's growth rate 2018

The size of Pakistan's debts to China has prompted concern from US Secretary of State Mike Pompeo, who told CNBC that he would be watching to see whether Khan's government used IMF funds to pay off Chinese loans.

Finance ministers and central bankers from numerous IMF's 189 member nations are meeting in Bali this week with talk of rising protectionism taking centre stage.

Further out, China's economic growth is expected to slow gradually to 5.6 per cent as the government shifts to "a more sustainable growth path" and addresses financial risks, the International Monetary Fund said.

The Fed's rate hikes have already piled pressure on emerging market economies, increasing the risk of capital outflows as investors seek higher returns.

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

The IMF also predicted that Bangladesh's consumer prices would reach 5.8 percent at the end of this year and 6.1 percent next year.

"But there is no denying that the susceptibility to large global shocks has risen", Obstfeld said. "Any sharp reversal for emerging markets would pose a significant threat to advanced economies", said Obstfeld.

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"The provision of 10 million jobs and millions of housing units might become the victims as it will become hard to pursue the projects under the tight noose of the International Monetary Fund scrutiny", said one independent economist and added that the International Monetary Fund would pursue one shoe fit for all policy under which the sacrosanct targets of budget deficit and current account deficits would be curtailed by comprising growth and hiking inflationary pressures.

Some energy-rich emerging market countries have fared better due to higher oil prices, with Saudi Arabia and Russian Federation receiving upgrades to growth forecasts. The IMF projections don't take into account Trump's threat to expand the tariffs to effectively all of the more than US$500 billion in goods the United States bought from China a year ago.

Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign. Threats include a further inflaming of the trade war between the U.S. and countries including China, and a sharper-than-expected rise in interest rates, which would accelerate capital flight from emerging markets. "Our probability that we would attach to further bad news has gone up", Obstfeld said.

The model also includes the effects of a reduction in business confidence that reduces investment and leads to a tightening of financial conditions. South Africa, only 0.8 percent this year.

President Donald Trump has slapped tariffs on US$250 billion in Chinese goods this year, and Beijing has retaliated with levies US$110 billion of American products.

The euro area will expand 2 per cent this year, down 0.2 point from July, as a result of weaker than expected growth in the first half of the year. It also assumes that Trump imposes a 25 percent tariff on imported cars and auto parts.

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