International Monetary Fund raises Israel growth forecast

09 October, 2018, 15:26 | Author: Myra Gill
  • PM Imran Khan chairing the Punjab cabinet meeting. — PTI

The decision to approach the International Monetary Fund was taken by Prime Minister Imran Khan who had in the past opposed such measures to support the economy.

The IMF said Monday that the global economy will grow 3.7 percent this year, the same as in 2017 but down from the 3.9 percent it was forecasting for 2018 in July. The rupee, a managed float, fell at least 4.6% against the dollar, according to people familiar with the matter. Umar told Bloomberg in August that the government may need more than $12 billion.

In the fund's latest Global Economic Outlook, it estimated that the South African economy would grow by 0.8% this year, down from its initial projection of 1.5% in April.

Maurice Obstfeld said the International Monetary Fund does not see a generalised pullback from emerging markets, nor contagion that will spill over to those emerging economies which have stronger economies and have thus far avoided major outflows, such as those in Asia and some oil exporting countries. The May federal budget forecast 3 per cent GDP in 2018-19 and the same the following financial year. Authorities have devalued the rupee multiple times since December.

This is the country's fifth currency devaluation since December a year ago. "The currency move is definitely a devaluation", said Shahid Habib, chief executive officer at Arif Habib Ltd.

The government is seeking to curb spending, while the central bank has raised interest rates to the highest in three years to help shore up confidence in the economy.

Several emerging markets had their forecasts cut, including Argentina, Brazil, Iran and Turkey, reflecting factors including tighter credit.

The government has deep problems to fix. Contributions of 200 words or more will be considered for publication.

Most of the "meager gains" from growth have gone to the well off, fueling support for protectionism and anti-establishment leaders, said Mr Obstfeld.

Mr Obstfeld said: "Governments have less fiscal and monetary ammunition than when the global financial crisis broke out ten years ago". "That is a very good sign going forward".

Analysts say Pakistan hopes to secure $8 billion in loans to avoid an economic meltdown. Critics see that as part of a debt diplomacy trap by Beijing and question whether Pakistan will be ever be able to make the repayments.

Washington, which recently suspended military aid to Pakistan over its alleged failure to crack down on the Taliban, has expressed concern about IMF funds being used to repay Chinese loans.

The IMF predicted United Kingdom growth to would be 1.4% in 2018, rising to 1.5% in 2019, while the eurozone 2018 growth forecast was cut to 2.0% from 2.2%.

Pakistani currency hit a 10-week low at Rs129.50 to the USA dollar in the open market on Monday as people invested heavily in the greenback in a bid to stave off losses in the event of further rupee weakness in inter-bank dealings.

This story has been published from a wire agency feed without modifications to the text. "We have looked at all our options".



Engadget gets hands-on with unreleased Pixel 3 XL
Last year, the Pixel 2 came with a standard 16:9 display , whereas the Pixel 3 is expected to embrace the 18:9 aspect ratio. Google launched its line of high-end phones two years ago to better compete against Apple, Samsung and other device makers.

Key climate panel, citing impending crisis, urges crash effort to reduce emissions
Scientists have been sounding the alarm on climate change for decades, yet global emissions are expected to rise again in 2018 . Keeping the 1.5C target would keep the global sea level rise 0.1 metre lower by 2100 than a 2C target, the report states.

‘Tara’ Lead Actor Accused of Sexual Assault by Producer
Navneet Nishan has finally opened up and extended her support to Nanda, who was the writer and producer of Tara . While she did not name the actor on her post, it was clear that she had accused Alok Nath of raping her.

The Chaser Projected Alan Jones' Phone Number Onto The Opera House
More than 265,000 people have signed a petition calling on the NSW government to reverse its decision to allow the advertisement. Racing NSW chief executive Peter V'landys claimed he and other staff members had received death threats.

Google Pixel 3 XL Gets REVIEWED (Days Before Its Official Launch)
Talking about Pixelbook 2, the Chrome OS notebook is expected to retain the same form factor and ports as the first model . Fast forward to today, Engadget has also managed to get hold of an "unreleased version" of the Pixel 3 XL in Hong Kong.

Unai Emery reveals why Mesut Ozil didn’t play against Fulham?
Arsenal star Aaron Ramsey sent a warning to Unai Emery with his celebration in the 5-1 win over Fulham , according to Martin Keown.

Mourinho criticism becoming 'personal' - Neville backs United boss
And he believes the sack will come sooner than later for Mourinho. "Just because they had a good second half does not mean their problems are solved".

State Police: Limo in Schoharie Crash Had Failed Inspection
Sumwalt said most of the victims were found inside the vehicle following the crash and one or two victims may have been ejected. Investigators were reviewing text messages and social media posts from victims who were active moments before the deadly crash.

NKOTB brings tour of 80's/90's stars to Buffalo
The tour will include at least six California dates, starting with a May 23 stop at San Diego State University's Viejas Arena. To celebrate the tour, New Kids on the Block recently surprised fans with a throwback track, '80s Baby'.

Premier League stats: Manchester City could improve on last season, says Gracenote
He noted that his England midfielder Jordan Henderson had barely two weeks' rest following the World Cup in Russian Federation . Guardiola acknowledged that his side had chosen to lower the tempo in the game to limit the potency of Liverpool's attack.