International Monetary Fund gives credit for reforms under Modi, projects India as fastest growing

International Monetary Fund gives credit for reforms under Modi, projects India as fastest growing

The Twitterati, however, are continuing to remind the government of its earlier statements by flooding the microblogging website with screenshots of the said post.

Meanwhile, a few are using the same tweet to term Prime Minister Imran Khan what his party had once called former premier Nawaz Sharif.

Analysts say Pakistan needs a loan of around $12 billion to turn the corner, but a diplomat told AFP in August that Islamabad is betting on a loan of at least $6.5 billion to get it through the crisis.

The IMF said it had yet to receive a formal request from Islamabad, but added: "Once we receive a formal request, the IMF will consider it as it does for other members of the IMF".

"The challenge for the current government is to ensure that fundamental economic structural reforms are carried out to ensure that this spiral of being in an International Monetary Fund program every few years is broken once and for all", the Finance Ministry said.

To correct the underlying imbalances, fiscal and monetary actions needed to be undertaken without delay.

Compared to the projections made in April, the current one for 2018 is lower by 0.1 per cent and for 2019 by 0.4 per cent.

Monday's announcement sparked a devaluation of the rupee with the currency trading at 134 for a dollar at the official rate, against 124 the day before. It has also loaned billions to Pakistan to help ease the pressure on the foreign currency reserves, which are used to defend the currency.

The IMF also sharply slashed growth forecasts for the whole Middle East and North Africa region due to the slump in the Iranian economy and increased energy costs.

Sony makes it official, they’re working on a "PS5"
There's at least one other good reason that Sony isn't moving on from the PlayStation 4 just yet - the PlayStation 4 Pro exists. That's not such a surprise: More than ever, players are demanding that their digital game libraries carry forward.

The Russian economy has relied on its key export oil in the face of Western sanctions that drove down prices and weakened the ruble in the last four years.

The government has deep problems to fix.

According to the report, total nonfinancial sector debt in jurisdictions with systemically important financial sectors has grown from Dollars 113 trillion (more than 200 per cent of their combined GDP) in 2008 to USD 167 trillion (close to 250 per cent of their combined GDP).

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

Obstfeld applauded the government's pledges to push structural reforms to address its economic and financial issues, saying the Fund still views Pakistan with "immense potential" in growth.

Ahsan Mehanti, chief executive of Arif Habib Group, said: "Reports of record PKR1.55 trillion pending circular debt, foreign outflows, uncertainty over the outcome of FATF compliance review meetings on action plans, a record fall in foreign reserves, fears over likely International Monetary Fund policy measures on a further hike in gas and power tariffs, a surge in interest rates and rupee depreciation have played a catalyst role in the record fall".

The IMF said it was now predicting 3.7 percent global growth in both 2018 and 2019.

This story has been published from a wire agency feed without modifications to the text.

Related Articles

  • Spark Foundry closes offices in support of World Mental Health Day

    Spark Foundry closes offices in support of World Mental Health Day

    Because it's not over yet - we still need to get this issue debated in parliament, and ultimately for the law to be changed. In a survey by CV Library, the respondents who identified having a mental health problem, 89% said it impacts their life.
    Nikki Haley Resigns As UN Ambassador

    Nikki Haley Resigns As UN Ambassador

    The US President said Ms Haley would be leaving the administration "at the end of the year ". But the Post's John Hudson speculates Haley's opposition also could've driven her departure.
    United Nations  voices 'serious concern' over missing Saudi journalist

    United Nations voices 'serious concern' over missing Saudi journalist

    A Turkish official said Saudi Arabia's envoy to Ankara had been summoned to the foreign ministry for a second time on Sunday. The Washington Post , for which the self-exiled Khashoggi wrote columns over the past year, pressed for release of evidence.
  • Hurricane Michael to hit Florida, but will there be any ME  impact?

    Hurricane Michael to hit Florida, but will there be any ME impact?

    From Indian Pass, Florida , to Cedar Key, Florida, 8 to 12 feet of storm surge could inundate some areas, the agency warned. Monday, Michael's top sustained winds were around 80 miles per hour as it headed north at 9 miles per hour .
    Lady Gaga's ex-fiancé Taylor Kinney 'proud' of 'A Star Is Born'

    Lady Gaga's ex-fiancé Taylor Kinney 'proud' of 'A Star Is Born'

    It crushed the global box office as well, earning $125.2 million, led by South Korean receipts of $16.3 million. But " Venom " carries a bad 32% on the tomatometer and scored a recording breaking box office debut anyway.
    Google+ will be shut down following security bug

    Google+ will be shut down following security bug

    Attempts to set up brand new avatar-friendly social networks have, so far, fallen flat due to the critical mass problem. That includes details like email addresses, gender, age, images, relationship statuses, places lived and occupations.
  • Red Sox Eliminate Yankees, Punch Ticket To ALCS To Face Astros

    Red Sox Eliminate Yankees, Punch Ticket To ALCS To Face Astros

    Former Yankee Nathan Eovaldi (1-0) shined in his first career postseason start, allowing one run on five hits in seven innings. Hernandez and crew chief Mike Winters declined comment after Game 3, in which Hernandez was corrected by replay three times.
    Lawsuit accuses Antonio Brown of almost  killing toddler in 'fit of rage'

    Lawsuit accuses Antonio Brown of almost killing toddler in 'fit of rage'

    The incident was investigated by security personnel, who determined Brown was responsible for throwing the objects. Now, new details have been released, which may shed some light on what led to the alleged incident.
    Nikki Haley Steps Down as UN Ambassador

    Nikki Haley Steps Down as UN Ambassador

    Ambassador Nikki Haley is leaving the administration at the end of the year , she and President Donald Trump announced Tuesday. She quieted rumors by declaring she had no intention to run for president in 2020, and instead promised to campaign for Trump.
  • Donald Trump publicly swears in Brett Kavanaugh after sexual assault controversy

    Donald Trump publicly swears in Brett Kavanaugh after sexual assault controversy

    No concrete evidence was produced to back up the searing accusations, which Republicans described as a dirty tricks campaign. Kavanaugh moved to the Supreme Court after spending 12 years as a judge on the influential U.S.
    White tiger kills zookeeper in Japan

    White tiger kills zookeeper in Japan

    A rare white tiger reportedly mauled a zookeeper to death inside the animal's enclosure in southern Japan, officials said Tuesday. In 2017, a zookeeper in Bangalore, India was attacked by two white tiger cubs while cleaning their enclosure in a wildlife park.
    Kurt Angle qualifies for World Cup at Crown Jewel in Saudi Arabia

    Kurt Angle qualifies for World Cup at Crown Jewel in Saudi Arabia

    Braun Strowman vs. - John Cena qualified for the WWE World Cup tournament in Saudi Arabia by being John Cena . AJ Styles will also put his WWE Championship belt on the line against Daniel Bryan.