Pakistan's Prime Minister Imran Khan, who is currently on a <a href="http://www.wionews.com/south-asia/imran-khan-arrives-in-china-to-seek-help-for-pakistans-shrinking-economy-174997">five-day official visit to China</a>, met with Chinese President Xi Jinping earlier in the day and discussed his country's "very difficult" economic situation, news agency Reuters reported.&nbsp;

Khan's China&nbsp;visit is aimed at working out a bailout package for Pakistan's economy which is nearing a collapse. This would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s.

During his meeting at Beijing's Great Hall of the People earlier in the day, Khan said that his party came to power during a "very difficult economic situation". He added that he had come to China to learn.&nbsp;

"Countries go in cycles. They have their high points, they have their low points. Unfortunately, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit. And so we, as I’ve said, have come to learn," Khan stated.

Xi hailed China's relationship with Pakistan reaffirming they were "all-weather" friends.

"I attach great importance to China-Pakistan relations and am willing to work together with the prime minister to strengthen the China-Pakistan all-weather strategic partnership and build a new era of China-Pakistan destiny," Xi said.

Khan, who is accompanied by Foreign Minister Shah Mahmood Qureshi, will meet Chinese Premier Li Keqiang on Saturday. Both the countries are expected to sign a series of agreements tomorrow.

According to reports, Pakistan's foreign reserves have plunged 42 per cent since the start of the year at around $8 billion at present.

The country received a $6 billion rescue package from Saudi Arabia last month, which the officials claimed was not enough adding that the country still plans to seek a bailout from the International Monetary Fund (IMF) to avert a balance of payments crisis.

Khan's China visit comes at the time when Pakistan grapples with unrest and protests over the acquittal of a Pakistani Christian woman on death row for blasphemy.&nbsp;

Meanwhile, the International Monetary Fund on Friday announced that the <a href="http://www.wionews.com/south-asia/discussion-on-pak-bailout-application-to-begin-on-wednesday-imf-175007">discussion on Pakistan's multibillion-dollar bailout application would begin next Wednesday</a>, news agency PTI reported.

"We expect those discussions to begin on November 7. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice told reporters.

"The objectives of that program is to help stabilise the Pakistan economy, put in place the preconditions for sustained inclusive growth," Rice said, adding that the modalities of that would be announced once the IMF and Pakistan have reached a staff-level agreement.

Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF last month.

(With inputs from agencies)&nbsp;

Pakistan's Prime Minister Imran Khan, who is currently on a five-day official visit to China, met with Chinese President Xi Jinping earlier in the day and discussed his country's "very difficult" economic situation, news agency Reuters reported.

Pakistan's Prime Minister Imran Khan, who is currently on a five-day official visit to China, met with Chinese President Xi Jinping earlier in the day and discussed his country's "very difficult" economic situation, news agency Reuters reported. Khan's China visit is aimed at working out a bailout package for Pakistan's economy which is nearing a collapse. This would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s. During his meeting at Beijing's Great Hall of the People earlier in the day, Khan said that his party came to power during a "very difficult economic situation". He added that he had come to China to learn. "Countries go in cycles. They have their high points, they have their low points. Unfortunately, our country is going through a low point at the moment with two very big deficits, a fiscal deficit and a current account deficit. And so we, as I’ve said, have come to learn," Khan stated. Xi hailed China's relationship with Pakistan reaffirming they were "all-weather" friends. "I attach great importance to China-Pakistan relations and am willing to work together with the prime minister to strengthen the China-Pakistan all-weather strategic partnership and build a new era of China-Pakistan destiny," Xi said. Khan, who is accompanied by Foreign Minister Shah Mahmood Qureshi, will meet Chinese Premier Li Keqiang on Saturday. Both the countries are expected to sign a series of agreements tomorrow. According to reports, Pakistan's foreign reserves have plunged 42 per cent since the start of the year at around $8 billion at present. The country received a $6 billion rescue package from Saudi Arabia last month, which the officials claimed was not enough adding that the country still plans to seek a bailout from the International Monetary Fund (IMF) to avert a balance of payments crisis. Khan's China visit comes at the time when Pakistan grapples with unrest and protests over the acquittal of a Pakistani Christian woman on death row for blasphemy. Meanwhile, the International Monetary Fund on Friday announced that the discussion on Pakistan's multibillion-dollar bailout application would begin next Wednesday, news agency PTI reported. "We expect those discussions to begin on November 7. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice told reporters. "The objectives of that program is to help stabilise the Pakistan economy, put in place the preconditions for sustained inclusive growth," Rice said, adding that the modalities of that would be announced once the IMF and Pakistan have reached a staff-level agreement. Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF last month. (With inputs from agencies)

Willing to work together to build new era of China-Pakistan destiny: Xi Jinping to Imran Khan

Imran Khan will arrive in China on Friday in what is termed as the most significant visit to China by a Pakistani Prime Minister in recent years as the all-weather allies grapple to iron out differences over the CPEC and Islamabad approaching 'friendly nations' to avoid a tough IMF bailout package.

During his four-day visit, Khan is scheduled to hold talks with Chinese President Xi Jinping and Premier Li Keqiang and expected to sign several agreements.&nbsp;

Khan is also one of the heads of countries who would attend the inaugural meeting of China's biggest international import expo to be held in Shanghai from November 5.

While it is a routine for a new Pakistan Prime Minister to visit China considering the "iron brother"&nbsp;relationship between two countries and militaries, Khan's visit evoked considerable interest as it comes in the wake of his past criticism of the $ 60 billion China-Pakistan Economic Corridor (CPEC) projects and remarks by his ministers to downsize some of the projects over debt concern.

The cricketer-turned-politician, during his first visit to China, is also expected to seek more Chinese loans to avoid approaching IMF for a bailout package.&nbsp;

Soon after the government headed by Khan was formed, Pakistan's Commerce and Industry Minister Abdul Razak Dawood told the Financial Times that the new government would review all the CPEC projects. He also reportedly said that some of the agreements were unfair to Pakistani companies and should be put on hold for a year.

Few days later, Railway Minister Sheikh Rashid let off another bombshell by saying that Pakistan wants to cut the size of the $ 8 billion Karachi-Peshawar rail line, the biggest project of the CPEC, by $ 2 billion.

The statements evoked serious concerns in China as the CPEC is the flagship project of Xi's pet multi-billion Belt and Road Initiative (BRI). 
The CPEC has also become a major irritant in India-China relations with New Delhi voicing its opposition to the infrastructure project as it traverses through Pakistan-occupied Kashmir (POK).

Khan, however, assured his support to the CPEC when Chinese State Councillor and Foreign Minister Wang Yi visited Islamabad on September.&nbsp; 
China also agreed to address his concerns that the CPEC projects were mainly benefitting the dominant Punjab region and the new projects will focus on the western region of Balochistan and Khyber Pakhtunkhwa.&nbsp;

From Beijing's point of view, Pakistan's criticism of the project was a shocker, specially after China's takeover of Sri Lanka's Hambantota port on 99-year lease as debt swap.

A recent write up in the Hong Kong-based South China Morning Post said, According to the few financial details of the CPEC that are available, Pakistan is not benefiting significantly from the programme...Although China has lent Pakistan $ 26 billion-$ 30 billion for power and transport projects that are part of the economic corridor, not a single dollar has entered the Pakistani banking channels.

"Instead, Chinese banks give the loans to Chinese companies, which buy equipment in China and use it in Pakistan. Consequently, instead of gaining economic benefits, Pakistan is running up huge debts and risking fiscal default,"&nbsp;it said.

Also, China is concerned over cash-strapped Pakistan's plans to approach the International Monetary Fund for a bailout amid assertions by the global lender to scrutinise the CPEC loans.

IMF chief Christiana Lagarde has made it clear that the IMF would require absolute transparency on Pakistan's debts, including those with the CPEC.&nbsp;

US Secretary of State Mike Pompeo has also warned that any potential IMF bailout for Pakistan should not provide funds to pay off Chinese lenders. 
Beijing is also uncomfortable over Pakistan roping in Saudi Arabia to invest in Balochistan bordering Iran. The province is key to the CPEC as it terminates at the strategic Gwadar port located there. The CPEC connects China's Xinjiang province with Gwadar through a rail, road and pipeline network. China do not want the CPEC projects to get caught in the Saudi-Iran rivalry.

For its part, China has been giving a top billing for Khan's visit and vehemently deny the debt concerns.

Khan's visit to China will provide an "opportunity" for the two countries to open a "new chapter" of bilateral relations "under the new circumstances", Chinese Foreign Ministry spokesman Lu Kang said on Monday.

Lu also refuted criticism that the CPEC is causing financial and debt problems for Pakistan, saying Islamabad has already made it clear that debts incurred by the CPEC only account for a very small portion of Pakistan's total debts and is not a reason why the country is experiencing financial difficulties.&nbsp;

Khan's visit to China comes at a time when radical Islamists, defying the prime minister's stern warning, are holding protests across Pakistan against the acquittal of a Christian woman sentenced to death for committing blasphemy.&nbsp;

Asia Bibi, 47, was convicted in 2010 after being accused of insulting Islam in a row with her neighbours. She always maintained her innocence, but has spent most of the past eight years in solitary confinement.

The apex court's judgement, which was pronounced Wednesday, triggered agitations across Pakistan with protestors led by Islamic political party Tehreek-i-Labaik Pakistan and other groups blocking major highways and roads in different parts of the country. 
&nbsp;

Imran Khan will arrive in China on Friday in what is termed as the most significant visit to China by a Pakistani Prime Minister in recent years as the all-weather allies grapple to iron out differences over the CPEC and Islamabad approaching 'friendly nations' to avoid a tough IMF bailout package.

Imran Khan will arrive in China on Friday in what is termed as the most significant visit to China by a Pakistani Prime Minister in recent years as the all-weather allies grapple to iron out differences over the CPEC and Islamabad approaching 'friendly nations' to avoid a tough IMF bailout package. During his four-day visit, Khan is scheduled to hold talks with Chinese President Xi Jinping and Premier Li Keqiang and expected to sign several agreements. Khan is also one of the heads of countries who would attend the inaugural meeting of China's biggest international import expo to be held in Shanghai from November 5. While it is a routine for a new Pakistan Prime Minister to visit China considering the "iron brother" relationship between two countries and militaries, Khan's visit evoked considerable interest as it comes in the wake of his past criticism of the $ 60 billion China-Pakistan Economic Corridor (CPEC) projects and remarks by his ministers to downsize some of the projects over debt concern. The cricketer-turned-politician, during his first visit to China, is also expected to seek more Chinese loans to avoid approaching IMF for a bailout package. Soon after the government headed by Khan was formed, Pakistan's Commerce and Industry Minister Abdul Razak Dawood told the Financial Times that the new government would review all the CPEC projects. He also reportedly said that some of the agreements were unfair to Pakistani companies and should be put on hold for a year. Few days later, Railway Minister Sheikh Rashid let off another bombshell by saying that Pakistan wants to cut the size of the $ 8 billion Karachi-Peshawar rail line, the biggest project of the CPEC, by $ 2 billion. The statements evoked serious concerns in China as the CPEC is the flagship project of Xi's pet multi-billion Belt and Road Initiative (BRI). The CPEC has also become a major irritant in India-China relations with New Delhi voicing its opposition to the infrastructure project as it traverses through Pakistan-occupied Kashmir (POK). Khan, however, assured his support to the CPEC when Chinese State Councillor and Foreign Minister Wang Yi visited Islamabad on September. China also agreed to address his concerns that the CPEC projects were mainly benefitting the dominant Punjab region and the new projects will focus on the western region of Balochistan and Khyber Pakhtunkhwa. From Beijing's point of view, Pakistan's criticism of the project was a shocker, specially after China's takeover of Sri Lanka's Hambantota port on 99-year lease as debt swap. A recent write up in the Hong Kong-based South China Morning Post said, According to the few financial details of the CPEC that are available, Pakistan is not benefiting significantly from the programme...Although China has lent Pakistan $ 26 billion-$ 30 billion for power and transport projects that are part of the economic corridor, not a single dollar has entered the Pakistani banking channels. "Instead, Chinese banks give the loans to Chinese companies, which buy equipment in China and use it in Pakistan. Consequently, instead of gaining economic benefits, Pakistan is running up huge debts and risking fiscal default," it said. Also, China is concerned over cash-strapped Pakistan's plans to approach the International Monetary Fund for a bailout amid assertions by the global lender to scrutinise the CPEC loans. IMF chief Christiana Lagarde has made it clear that the IMF would require absolute transparency on Pakistan's debts, including those with the CPEC. US Secretary of State Mike Pompeo has also warned that any potential IMF bailout for Pakistan should not provide funds to pay off Chinese lenders. Beijing is also uncomfortable over Pakistan roping in Saudi Arabia to invest in Balochistan bordering Iran. The province is key to the CPEC as it terminates at the strategic Gwadar port located there. The CPEC connects China's Xinjiang province with Gwadar through a rail, road and pipeline network. China do not want the CPEC projects to get caught in the Saudi-Iran rivalry. For its part, China has been giving a top billing for Khan's visit and vehemently deny the debt concerns. Khan's visit to China will provide an "opportunity" for the two countries to open a "new chapter" of bilateral relations "under the new circumstances", Chinese Foreign Ministry spokesman Lu Kang said on Monday. Lu also refuted criticism that the CPEC is causing financial and debt problems for Pakistan, saying Islamabad has already made it clear that debts incurred by the CPEC only account for a very small portion of Pakistan's total debts and is not a reason why the country is experiencing financial difficulties. Khan's visit to China comes at a time when radical Islamists, defying the prime minister's stern warning, are holding protests across Pakistan against the acquittal of a Christian woman sentenced to death for committing blasphemy. Asia Bibi, 47, was convicted in 2010 after being accused of insulting Islam in a row with her neighbours. She always maintained her innocence, but has spent most of the past eight years in solitary confinement. The apex court's judgement, which was pronounced Wednesday, triggered agitations across Pakistan with protestors led by Islamic political party Tehreek-i-Labaik Pakistan and other groups blocking major highways and roads in different parts of the country.

Spotlight on CPEC projects, IMF bailout as Imran Khan all set to embark on maiden China visit

Ahead of Pakistan Prime Minister Imran Khan's maiden visit, China on Friday sounded positive about extending new loans to Islamabad to avoid another IMF bailout package which may carry stringent conditions.

Khan's visit from November 2 to China, Pakistan's all weather&nbsp;ally, will come ahead of a visit to Islamabad by International Monetary Fund officials on November 7 for formal discussions on a bailout package for the cash-strapped country.

"We noted the difficulties faced by Pakistan in its financial situation...We support Pakistan in taking pro-active measures to deal with this. Actually, we also provide our outmost efforts and assistance to Pakistan," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing here Friday.

"We believe Pakistan has the capability to ensure steady economic development," Hua said.

She was replying to a query on whether China would consider providing new financial assistance to Pakistan during Khan's visit.&nbsp;

Khan, accompanied by Foreign Minister Shah Mahmood Qureshi, will lead a delegation from November 2-5 to Beijing for talks with Chinese President Xi

Jinping amid anxieties here over his government's approach to deal with the $ 60 billion China-Pakistan Economic Corridor (CPEC) following reports about Islamabad downsizing certain projects.

Pakistan has reportedly sought to amend the CPEC, which Beijing touts as the flagship infrastructure programme in its vast Belt and Road Initiative, to put greater emphasis on projects that focus on social development, rather than purely on infrastructure.

The US has said the debts accrued on the CPEC projects were to blame for Pakistan's current economic crisis, a statement which was rejected by both Beijing and Islamabad.

The IMF had said it would closely scrutinise CPEC projects and US is opposed to use IMF money to service the Chinese loans.

Though Pakistan has approached the IMF for a bailout package, it is also in touch with other "friendly nations" for loans so as to minimise borrowing from the international lender.&nbsp;

"Their (friendly nations) response is positive. I am quite hopeful that we will not have to approach the IMF for our economic needs," Khan said on Wednesday.

Pakistan has also recently secured $ 6 billion financial support from Saudi Arabia, another close ally.

Replying to a query on China's expectations from Khan's visit, the Foreign Ministry spokesman said, "China and Pakistan are all-weather strategic cooperative partners. We enjoy high standard bilateral relations. After Imran Khan was elected Prime Minister, he reaffirmed Pakistan's commitment to developing our bilateral relations as well as the CPEC."&nbsp;

Recalling Chinese State Councillor and Foreign Minister Wang Yi's recent visit to Pakistan after Khan's government took over power, she said, "We compared notes and reached wide consensus on a series of issues."&nbsp;

"We will try to make our relations a pillar underpinning the regional peace and will ensure full success for Khan's visit this time to make greater progress in China Pakistan relations," Hua added.

The Pakistani premier would also visit Shanghai to attend China's international import and export fair which would be inaugurated on November 4.

Khan has reiterated his government's support to CPEC projects during Wang's visit to Islamabad. Hua also spoke about Khan's reiteration of his commitment for CPEC projects.

However, according to a Dawn report, during his meetings, "Khan would inform the Chinese leadership that his government wanted to bring about a significant shift in the projects falling under the purview of CPEC".&nbsp;

Quoting sources, the report said under the previous government there was an emphasis on infrastructure schemes, but the present government wanted projects involving agriculture, job creation and foreign investment take centrestage.&nbsp;

There were also concerns in Beijing about Khan roping in Saudi Arabia to invest in Balochistan bordering Iran. The province is key to CPEC as it terminates at the strategic Gwadar port located there.&nbsp;

The CPEC connects China's Xinjiang province with Gwadar through a rail, road and pipeline network.

China do not want the CPEC projects to get caught in the Saudi-Iran rivalry.

India is opposed to the CPEC as it traverses through Pakistan-occupied Kashmir.&nbsp;

Ahead of Pakistan Prime Minister Imran Khan's maiden visit, China on Friday sounded positive about extending new loans to Islamabad to avoid another IMF bailout package which may carry stringent conditions.

Ahead of Pakistan Prime Minister Imran Khan's maiden visit, China on Friday sounded positive about extending new loans to Islamabad to avoid another IMF bailout package which may carry stringent conditions. Khan's visit from November 2 to China, Pakistan's all weather ally, will come ahead of a visit to Islamabad by International Monetary Fund officials on November 7 for formal discussions on a bailout package for the cash-strapped country. "We noted the difficulties faced by Pakistan in its financial situation...We support Pakistan in taking pro-active measures to deal with this. Actually, we also provide our outmost efforts and assistance to Pakistan," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing here Friday. "We believe Pakistan has the capability to ensure steady economic development," Hua said. She was replying to a query on whether China would consider providing new financial assistance to Pakistan during Khan's visit. Khan, accompanied by Foreign Minister Shah Mahmood Qureshi, will lead a delegation from November 2-5 to Beijing for talks with Chinese President Xi Jinping amid anxieties here over his government's approach to deal with the $ 60 billion China-Pakistan Economic Corridor (CPEC) following reports about Islamabad downsizing certain projects. Pakistan has reportedly sought to amend the CPEC, which Beijing touts as the flagship infrastructure programme in its vast Belt and Road Initiative, to put greater emphasis on projects that focus on social development, rather than purely on infrastructure. The US has said the debts accrued on the CPEC projects were to blame for Pakistan's current economic crisis, a statement which was rejected by both Beijing and Islamabad. The IMF had said it would closely scrutinise CPEC projects and US is opposed to use IMF money to service the Chinese loans. Though Pakistan has approached the IMF for a bailout package, it is also in touch with other "friendly nations" for loans so as to minimise borrowing from the international lender. "Their (friendly nations) response is positive. I am quite hopeful that we will not have to approach the IMF for our economic needs," Khan said on Wednesday. Pakistan has also recently secured $ 6 billion financial support from Saudi Arabia, another close ally. Replying to a query on China's expectations from Khan's visit, the Foreign Ministry spokesman said, "China and Pakistan are all-weather strategic cooperative partners. We enjoy high standard bilateral relations. After Imran Khan was elected Prime Minister, he reaffirmed Pakistan's commitment to developing our bilateral relations as well as the CPEC." Recalling Chinese State Councillor and Foreign Minister Wang Yi's recent visit to Pakistan after Khan's government took over power, she said, "We compared notes and reached wide consensus on a series of issues." "We will try to make our relations a pillar underpinning the regional peace and will ensure full success for Khan's visit this time to make greater progress in China Pakistan relations," Hua added. The Pakistani premier would also visit Shanghai to attend China's international import and export fair which would be inaugurated on November 4. Khan has reiterated his government's support to CPEC projects during Wang's visit to Islamabad. Hua also spoke about Khan's reiteration of his commitment for CPEC projects. However, according to a Dawn report, during his meetings, "Khan would inform the Chinese leadership that his government wanted to bring about a significant shift in the projects falling under the purview of CPEC". Quoting sources, the report said under the previous government there was an emphasis on infrastructure schemes, but the present government wanted projects involving agriculture, job creation and foreign investment take centrestage. There were also concerns in Beijing about Khan roping in Saudi Arabia to invest in Balochistan bordering Iran. The province is key to CPEC as it terminates at the strategic Gwadar port located there. The CPEC connects China's Xinjiang province with Gwadar through a rail, road and pipeline network. China do not want the CPEC projects to get caught in the Saudi-Iran rivalry. India is opposed to the CPEC as it traverses through Pakistan-occupied Kashmir.

Ahead of Imran's visit, China sounds positive about providing loans to Pakistan to avoid IMF bailout

Pakistan's Prime Minister Imran Khan will visit China next week, authorities said Thursday, as the former cricketer mounts a desperate search for funds to prop up the nation's dire finances.

The confirmation of Khan’s first visit to China as premier comes days after Pakistan secured $6 billion dollars in funding from Saudi Arabia to help stave off a widening balance of payment crisis.

Khan said in a televised address Wednesday that he was working to nail down Saudi-style financing packages from two additional, unnamed countries to reduce the size of a potential loan from the International Monetary Fund.

The foreign affairs ministry said Khan would meet with Chinese President Xi Jinping and Premier Li Keqiang on the November 2-5 trip which will take in Beijing and the commercial hub of Shanghai.

"The visit will provide an opportunity for the two countries to review the entire spectrum of bilateral relations with special reference to CPEC," foreign ministry spokesman Muhammad Faisal told AFP, referring to the China-Pakistan Economic Corridor.

CPEC is a multi-billion-dollar infrastructure project aimed at building energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan.

However, given Pakistan's deteriorating finances, in recent months there have been concerns that portions of the ambitious agreement may have to be scaled down.

Analysts said Khan will be pushing for financial assistance from Beijing during the visit.

"Pakistan would certainly like China to play its role in supporting our balance of payments and this is going to be one major subject of discussions," said economist Salman Shah.

"China has been providing financial support to Pakistan in difficult times and this will not be something new if they come forward this time also."

Since taking power in August, Khan has sought loans from "friendly" countries like Saudi Arabia, vowed to recover funds stolen by corrupt officials, and embarked on a series of populist austerity drives to raise cash.

Pakistan has gone to the IMF repeatedly since the late 1980s.

The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

Pakistan's Prime Minister Imran Khan will visit China next week, authorities said Thursday, as the former cricketer mounts a desperate search for funds to prop up the nation's dire finances.

Pakistan's Prime Minister Imran Khan will visit China next week, authorities said Thursday, as the former cricketer mounts a desperate search for funds to prop up the nation's dire finances. The confirmation of Khan’s first visit to China as premier comes days after Pakistan secured $6 billion dollars in funding from Saudi Arabia to help stave off a widening balance of payment crisis. Khan said in a televised address Wednesday that he was working to nail down Saudi-style financing packages from two additional, unnamed countries to reduce the size of a potential loan from the International Monetary Fund. The foreign affairs ministry said Khan would meet with Chinese President Xi Jinping and Premier Li Keqiang on the November 2-5 trip which will take in Beijing and the commercial hub of Shanghai. "The visit will provide an opportunity for the two countries to review the entire spectrum of bilateral relations with special reference to CPEC," foreign ministry spokesman Muhammad Faisal told AFP, referring to the China-Pakistan Economic Corridor. CPEC is a multi-billion-dollar infrastructure project aimed at building energy and transport links connecting the western Chinese region of Xinjiang with the Arabian Sea via Pakistan. However, given Pakistan's deteriorating finances, in recent months there have been concerns that portions of the ambitious agreement may have to be scaled down. Analysts said Khan will be pushing for financial assistance from Beijing during the visit. "Pakistan would certainly like China to play its role in supporting our balance of payments and this is going to be one major subject of discussions," said economist Salman Shah. "China has been providing financial support to Pakistan in difficult times and this will not be something new if they come forward this time also." Since taking power in August, Khan has sought loans from "friendly" countries like Saudi Arabia, vowed to recover funds stolen by corrupt officials, and embarked on a series of populist austerity drives to raise cash. Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

Pakistan PM to visit China, seeking funds as IMF bailout looms

<a href="http://www.wionews.com/world/turkey-will-reveal-whatever-happened-in-khashoggi-death-172500">Turkey will 'reveal whatever happened' in Khashoggi death</a>

Turkey vowed Saturday to reveal all details of the death of journalist Jamal Khashoggi after Saudi Arabia admitted he was killed at its Istanbul consulate, state media reported.

<a href="http://www.wionews.com/india-news/no-action-against-driver-railways-not-at-fault-mos-manoj-sinha-172487">No action against </a><a href="http://www.wionews.com/india-news/no-action-against-driver-railways-not-at-fault-mos-manoj-sinha-172487">driver</a><a href="http://www.wionews.com/india-news/no-action-against-driver-railways-not-at-fault-mos-manoj-sinha-172487">, railways not at fault: MoS Manoj Sinha on Amritsar train accident</a>

Minister of State for Railways Manoj Sinha Saturday ruled out any punitive action against the driver of the train that mowed down Dussehra revellers in Amritsar, saying there was no negligence on the part of the national transporter and also advised people not to organise such events near tracks.

<a href="http://www.wionews.com/world/khashoggi-called-for-reform-of-regime-in-his-last-interview-172468">Khashoggi criticised Saudi crown prince, called for 'reform of regime' in his last interview: Report</a>

Saudi critic Jamal Khashoggi criticised Crown Prince Mohammed bin Salman's "authoritarian rule" shortly before his death, in an interview published following confirmation he died at the kingdom's Istanbul consulate.

<a href="http://www.wionews.com/india-news/bjp-leading-in-jammu-municipal-corporation-elections-independents-fare-well-in-kishtwar-172485">BJP leading in Jammu Municipal Corporation elections, independents fare well in Kishtwar</a>

The Bharatiya Janata Party (BJP) is leading in the Jammu Municipal Corporation (JMC) polls, as the counting of votes for the Urban Local Bodies elections was going on in all the 10 districts of Jammu region on Saturday.

<a href="http://www.wionews.com/south-asia/next-imf-loan-will-be-the-last-pakistan-finance-minister-172484">Next IMF loan will be 'the last': Pakistan finance minister</a>

Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan.

Turkey will 'reveal whatever happened' in Khashoggi death Turkey vowed Saturday to reveal all details of the death of journalist Jamal Khashoggi after Saudi Arabia admitted he was killed at its Istanbul consulate, state media reported.

Turkey will 'reveal whatever happened' in Khashoggi death Turkey vowed Saturday to reveal all details of the death of journalist Jamal Khashoggi after Saudi Arabia admitted he was killed at its Istanbul consulate, state media reported. No action against driver, railways not at fault: MoS Manoj Sinha on Amritsar train accident Minister of State for Railways Manoj Sinha Saturday ruled out any punitive action against the driver of the train that mowed down Dussehra revellers in Amritsar, saying there was no negligence on the part of the national transporter and also advised people not to organise such events near tracks. Khashoggi criticised Saudi crown prince, called for 'reform of regime' in his last interview: Report Saudi critic Jamal Khashoggi criticised Crown Prince Mohammed bin Salman's "authoritarian rule" shortly before his death, in an interview published following confirmation he died at the kingdom's Istanbul consulate. BJP leading in Jammu Municipal Corporation elections, independents fare well in Kishtwar The Bharatiya Janata Party (BJP) is leading in the Jammu Municipal Corporation (JMC) polls, as the counting of votes for the Urban Local Bodies elections was going on in all the 10 districts of Jammu region on Saturday. Next IMF loan will be 'the last': Pakistan finance minister Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan.

News brief: Big stories of the day

Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan.

Asad Umar's pledge comes days after Pakistan's central bank warned inflation could double in the coming year -- hitting 7.5 per cent -- while the country’s growth target rate of 6.2 per cent would likely be missed.

"This will be the 13th and the last IMF programme," Umar said during a speech at the Karachi Stock Exchange.

Prime Minister Imran Khan's administration has sent mixed messages over whether Pakistan will enter another IMF programme, with the former cricketer suggesting this week that going to the fund may not be necessary.

But Umar spoke in grave terms of the country's balance of payment crisis, which has sparked a depreciation of the rupee and sent stocks tumbling.

"We are heading towards bankruptcy very fast. We have to save the 210 million Pakistanis," Umar added.&nbsp;

An IMF team is set to arrive in Pakistan in early November to begin negotiations.

Similar vows to end reliance on IMF loans have been made by past governments including former premier Nawaz Sharif's administration, which received a $6.6 billion loan to tackle a similar crisis in 2013.

Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing, including from "friendly" countries such as China and Saudi Arabia.

But aid has been in short supply and economists' warnings have grown urgent.

The government also announced this week that Khan would attend a controversial Saudi Arabian investment summit in the coming days.

The meeting has been shunned by leading policy-makers and corporate chiefs in response to the death of journalist Jamal Khashoggi at the Saudi consulate in Istanbul -- a scandal that has tipped Riyadh into a diplomatic crisis. 
 
&nbsp;

Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan.

Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan. Asad Umar's pledge comes days after Pakistan's central bank warned inflation could double in the coming year -- hitting 7.5 per cent -- while the country’s growth target rate of 6.2 per cent would likely be missed. "This will be the 13th and the last IMF programme," Umar said during a speech at the Karachi Stock Exchange. Prime Minister Imran Khan's administration has sent mixed messages over whether Pakistan will enter another IMF programme, with the former cricketer suggesting this week that going to the fund may not be necessary. But Umar spoke in grave terms of the country's balance of payment crisis, which has sparked a depreciation of the rupee and sent stocks tumbling. "We are heading towards bankruptcy very fast. We have to save the 210 million Pakistanis," Umar added. An IMF team is set to arrive in Pakistan in early November to begin negotiations. Similar vows to end reliance on IMF loans have been made by past governments including former premier Nawaz Sharif's administration, which received a $6.6 billion loan to tackle a similar crisis in 2013. Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing, including from "friendly" countries such as China and Saudi Arabia. But aid has been in short supply and economists' warnings have grown urgent. The government also announced this week that Khan would attend a controversial Saudi Arabian investment summit in the coming days. The meeting has been shunned by leading policy-makers and corporate chiefs in response to the death of journalist Jamal Khashoggi at the Saudi consulate in Istanbul -- a scandal that has tipped Riyadh into a diplomatic crisis.

Next IMF loan will be 'the last': Pakistan finance minister

Pakistan may not have to approach the IMF for loans as it has received "positive" responses from some "friendly countries", Prime Minister Imran Khan has said, days after Islamabad formally approached the global lender for a bailout to tide over the economic crisis.

Talking to a delegation of senior editors on Wednesday, Khan said his government was in touch with some "friendly countries" and has sought cooperation to address the mounting balance of payments deficit and dwindling foreign currency reserves.

Though he did not name any countries, Pakistani media has reported that the government was consulting allies like China and Saudi Arabia for financial help.

"Their response is positive. I am quite hopeful that we will not have to approach the International Monetary Fund for our economic needs," he was quoted as saying by The News.

Khan's comments come after tough talking by IMF Managing Director Christine Lagarde and the US on Pakistan's bailout plan, demanding absolute transparency on the country's debts, including those owned by China under the China-Pakistan Economic Corridor (CPEC) projects.

Apart from selling off surplus luxury cars, Prime Minister Khan's proposals include turning state-owned buildings into universities, dispensing with VIP security protocol and cutting air conditioning in government offices to keep the economy afloat.

Khan has vowed to steer Pakistan out of a looming balance-of-payments crisis, saying it needs US $10 to $12 billion.

He said Pakistan's economy has been badly hit. He said the previous governments borrowed so much that it has become hard for his government to repay the loans.

"Had the former government not received loans or the amount so received was utilised properly, the economy of the country would have been in a good shape," he said.

Pakistan Finance Minister Asad Umar met IMF chief Lagarde on the sidelines of the IMF and World Bank annual meetings in Bali, Indonesia on October 12 and formally requested a "stabilisation recovery programme".

Umar said that a team of the IMF will arrive in Pakistan on November 7.

He said the government doesn't want to fully rely on the IMF and would do anything to bring improvement in the economy. He said the loan programme with the IMF is almost final, but the government will have to see that the IMF does not place any undoable conditions for Pakistan in return.

Lagarde has made it clear to&nbsp;Umar that the IMF would require absolute transparency on Pakistan's debts, including those owned by China under the multibillion dollar CPEC.

The CPEC is a network of infrastructure projects that are currently under construction throughout Pakistan that will connect China's Xinjiang province with Gwadar port in Pakistan's Balochistan province. It is the part of Chinese President Xi Jinping's ambitious Belt and Road initiative.

The US has said that the huge Chinese debt was responsible for the economic challenges facing Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position.

Umar said the Pakistan government was also exploring other options to avoid problems if the IMF programme did not materialise.

Pakistan may not have to approach the IMF for loans as it has received "positive" responses from some "friendly countries", Prime Minister Imran Khan has said, days after Islamabad formally approached the global lender for a bailout to tide over the economic crisis.

Pakistan may not have to approach the IMF for loans as it has received "positive" responses from some "friendly countries", Prime Minister Imran Khan has said, days after Islamabad formally approached the global lender for a bailout to tide over the economic crisis. Talking to a delegation of senior editors on Wednesday, Khan said his government was in touch with some "friendly countries" and has sought cooperation to address the mounting balance of payments deficit and dwindling foreign currency reserves. Though he did not name any countries, Pakistani media has reported that the government was consulting allies like China and Saudi Arabia for financial help. "Their response is positive. I am quite hopeful that we will not have to approach the International Monetary Fund for our economic needs," he was quoted as saying by The News. Khan's comments come after tough talking by IMF Managing Director Christine Lagarde and the US on Pakistan's bailout plan, demanding absolute transparency on the country's debts, including those owned by China under the China-Pakistan Economic Corridor (CPEC) projects. Apart from selling off surplus luxury cars, Prime Minister Khan's proposals include turning state-owned buildings into universities, dispensing with VIP security protocol and cutting air conditioning in government offices to keep the economy afloat. Khan has vowed to steer Pakistan out of a looming balance-of-payments crisis, saying it needs US $10 to $12 billion. He said Pakistan's economy has been badly hit. He said the previous governments borrowed so much that it has become hard for his government to repay the loans. "Had the former government not received loans or the amount so received was utilised properly, the economy of the country would have been in a good shape," he said. Pakistan Finance Minister Asad Umar met IMF chief Lagarde on the sidelines of the IMF and World Bank annual meetings in Bali, Indonesia on October 12 and formally requested a "stabilisation recovery programme". Umar said that a team of the IMF will arrive in Pakistan on November 7. He said the government doesn't want to fully rely on the IMF and would do anything to bring improvement in the economy. He said the loan programme with the IMF is almost final, but the government will have to see that the IMF does not place any undoable conditions for Pakistan in return. Lagarde has made it clear to Umar that the IMF would require absolute transparency on Pakistan's debts, including those owned by China under the multibillion dollar CPEC. The CPEC is a network of infrastructure projects that are currently under construction throughout Pakistan that will connect China's Xinjiang province with Gwadar port in Pakistan's Balochistan province. It is the part of Chinese President Xi Jinping's ambitious Belt and Road initiative. The US has said that the huge Chinese debt was responsible for the economic challenges facing Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position. Umar said the Pakistan government was also exploring other options to avoid problems if the IMF programme did not materialise.

Pakistan may not seek IMF bailout; seeking help from 'friendly countries': Imran Khan

Prime Minister Imran Khan will visit Saudi Arabia on October 23, his second to the cash-rich kingdom in just over a month, a media report said Thursday as Pakistan tried to keep its economy afloat.

Quoted unnamed sources, Geo News reported that Khan will visit Saudi Arabia for a day before his maiden visit to China from November 3.&nbsp;

He is expected to hold talks on economic cooperation with Saudi officials during his visit, it said.

Khan, who assumed office in August, last toured Saudi Arabia on September 18 and met King Salman bin Abdulaziz Al Saud.

After that, he visited the United Arab Emirates for talks with Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi.

The report also said that a top-level delegation from the United Arab Emirates will visit Pakistan soon to discuss expanding economic cooperation.&nbsp;

The news about the possibility of Prime Minister Khan visiting Saudi Arabia for a second time came after he told senior editors on Wednesday that Pakistan may not have to approach the IMF for loans as it has received "positive" responses from some "friendly countries".&nbsp;

Khan said his government was in touch with some "friendly countries" and has sought cooperation to address the mounting balance of payments deficit and dwindling foreign currency reserves.

Though he did not name any countries, Pakistani media has reported that the government was consulting allies like China and Saudi Arabia for financial help.

"Their response is positive. I am quite hopeful that we will not have to approach the International Monetary Fund for our economic needs," he was quoted as saying by The News.

Islamabad formally approached the IMF last week for a bailout to tide over the economic crisis.

But some tough talking by IMF Managing Director Christine Lagarde and the US on Pakistan's bailout plan, demanding absolute transparency on the country's debts, including those owned by China under the China-Pakistan Economic Corridor (CPEC) projects, has upset Islamabad.

Pakistan Finance Minister Asad Umar has said the government don't want to fully rely on the IMF and would do anything to bring improvement in the economy.&nbsp;

He said the loan programme with the IMF is almost final, but the government will have to see that the IMF does not place any "undoable conditions" for Pakistan in return.&nbsp;

Prime Minister Imran Khan will visit Saudi Arabia on October 23, his second to the cash-rich kingdom in just over a month, a media report said Thursday as Pakistan tried to keep its economy afloat.

Prime Minister Imran Khan will visit Saudi Arabia on October 23, his second to the cash-rich kingdom in just over a month, a media report said Thursday as Pakistan tried to keep its economy afloat. Quoted unnamed sources, Geo News reported that Khan will visit Saudi Arabia for a day before his maiden visit to China from November 3. He is expected to hold talks on economic cooperation with Saudi officials during his visit, it said. Khan, who assumed office in August, last toured Saudi Arabia on September 18 and met King Salman bin Abdulaziz Al Saud. After that, he visited the United Arab Emirates for talks with Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi. The report also said that a top-level delegation from the United Arab Emirates will visit Pakistan soon to discuss expanding economic cooperation. The news about the possibility of Prime Minister Khan visiting Saudi Arabia for a second time came after he told senior editors on Wednesday that Pakistan may not have to approach the IMF for loans as it has received "positive" responses from some "friendly countries". Khan said his government was in touch with some "friendly countries" and has sought cooperation to address the mounting balance of payments deficit and dwindling foreign currency reserves. Though he did not name any countries, Pakistani media has reported that the government was consulting allies like China and Saudi Arabia for financial help. "Their response is positive. I am quite hopeful that we will not have to approach the International Monetary Fund for our economic needs," he was quoted as saying by The News. Islamabad formally approached the IMF last week for a bailout to tide over the economic crisis. But some tough talking by IMF Managing Director Christine Lagarde and the US on Pakistan's bailout plan, demanding absolute transparency on the country's debts, including those owned by China under the China-Pakistan Economic Corridor (CPEC) projects, has upset Islamabad. Pakistan Finance Minister Asad Umar has said the government don't want to fully rely on the IMF and would do anything to bring improvement in the economy. He said the loan programme with the IMF is almost final, but the government will have to see that the IMF does not place any "undoable conditions" for Pakistan in return.

Pakistan PM Imran Khan to visit Saudi for second time: Report

China on Tuesday said there will be more projects planned under the so-called China-Pakistan Economic Corridor or CPEC project amid concerns over Pakistan's rising debt and a bailout move by the global lender IMF.

Cash-strapped Pakistan has approached the International Monetary Fund for a bailout package as it faces a serious economic crisis.

Chinese Foreign Ministry spokesman Lu Kang today said there will be more projects under the US $60 billion CPEC project a day after he said the CPEC debt liabilities were low. He said China-Pakistan ties will make new headway under the new government led by Prime Minister Imran Khan.

"China and Pakistan are all-weather strategic partners. In recent years, our bilateral relations are operating at a high level," Lu said, replying to question about the high-level visits planned between the two countries. "Going forward, we expect more high-level important exchanges and there will be more projects in the CPEC and practical cooperation in various fields," he said.

Khan is expected to visit Beijing on November 3 for talks with Chinese President Xi Jinping and other top leaders.<iframe frameborder="0" height="0" id="google_ads_iframe_/1068322/NDTV_News_ROS_Native_Outstream_0" marginheight="0" marginwidth="0" name="google_ads_iframe_/1068322/NDTV_News_ROS_Native_Outstream_0" scrolling="no" srcdoc="" title="3rd party ad content" width="100%"></iframe>After the new government took over in Pakistan, China has agreed to extend the CPEC projects to Balochistan province to address criticism that only the dominant Punjab province grabbed most of Chinese investments.

On Monday, while reacting to the move by Pakistan to approach IMF, Lu said China wants an "objective and professional" evaluation of the loans. The measures to be worked out by IMF should not affect the China-Pakistan relations, he said.

An IMF team is scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period, Pakistan's Finance Minister Asad Umar said on Sunday after meeting IMF Managing Director Christine Lagarde in Indonesia. He said Pakistan's current year debt repayments were about US $9 billion.

Pakistan has already announced plans to reduce a US $8.2 billion railway project between Karachi and Peshawar -- the biggest under the CPEC -- by $2 billion to cut debt burden.

China on Tuesday said there will be more projects planned under the so-called China-Pakistan Economic Corridor or CPEC project amid concerns over Pakistan's rising debt and a bailout move by the global lender IMF.

China on Tuesday said there will be more projects planned under the so-called China-Pakistan Economic Corridor or CPEC project amid concerns over Pakistan's rising debt and a bailout move by the global lender IMF. Cash-strapped Pakistan has approached the International Monetary Fund for a bailout package as it faces a serious economic crisis. Chinese Foreign Ministry spokesman Lu Kang today said there will be more projects under the US $60 billion CPEC project a day after he said the CPEC debt liabilities were low. He said China-Pakistan ties will make new headway under the new government led by Prime Minister Imran Khan. "China and Pakistan are all-weather strategic partners. In recent years, our bilateral relations are operating at a high level," Lu said, replying to question about the high-level visits planned between the two countries. "Going forward, we expect more high-level important exchanges and there will be more projects in the CPEC and practical cooperation in various fields," he said. Khan is expected to visit Beijing on November 3 for talks with Chinese President Xi Jinping and other top leaders.After the new government took over in Pakistan, China has agreed to extend the CPEC projects to Balochistan province to address criticism that only the dominant Punjab province grabbed most of Chinese investments. On Monday, while reacting to the move by Pakistan to approach IMF, Lu said China wants an "objective and professional" evaluation of the loans. The measures to be worked out by IMF should not affect the China-Pakistan relations, he said. An IMF team is scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period, Pakistan's Finance Minister Asad Umar said on Sunday after meeting IMF Managing Director Christine Lagarde in Indonesia. He said Pakistan's current year debt repayments were about US $9 billion. Pakistan has already announced plans to reduce a US $8.2 billion railway project between Karachi and Peshawar -- the biggest under the CPEC -- by $2 billion to cut debt burden.

As Pakistan negotiates IMF bailout, China says more corridor projects planned

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As cash-strapped Pakistan approached the IMF for a bailout agreeing to share the details of huge Chinese loans obtained for the CPEC, a wary China on Monday said the global lender should "objectively and professionally" evaluate its investments and ensure that any financial package does not affect close ties between Beijing and Islamabad.

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Saudi considers admitting Khashoggi died in botched interrogation: Reports Saudi Arabia is considering an admission that journalist Jamal Khashoggi died during an interrogation that went wrong, US media reported on Monday. IMF should objectively and professionally evaluate investments in Pakistan: China As cash-strapped Pakistan approached the IMF for a bailout agreeing to share the details of huge Chinese loans obtained for the CPEC, a wary China on Monday said the global lender should "objectively and professionally" evaluate its investments and ensure that any financial package does not affect close ties between Beijing and Islamabad. Microsoft co-founder Paul Allen dies of cancer at 65 Microsoft Corp co-founder Paul Allen, the man who persuaded school-friend Bill Gates to drop out of Harvard to start what became the world's biggest software company, died on Monday at the age of 65, his family said. UEFA Nations League: Southgate's 'Three Lions' led by Raheem, Rashford stun Spain England stunned Spain to claim their first UEFA Nations League victory in Seville, last night. A superb first-half showing from England produced two goals from Raheem Sterling to deliver one of their finest victory in the modern era. J&K municipal polls: Final phase of voting begins The fourth and final phase of the urban local body polls in 36 wards in central Kashmir's Srinagar and Ganderbal districts has begun. Polling began at 6 am and is slated to end at 4 pm.

As cash-strapped Pakistan approached <a href="http://www.wionews.com/south-asia/pakistan-ready-to-share-details-of-cpec-debts-with-imf-for-bailout-package-finance-minister-umar-171414">the IMF for a bailout agreeing to share </a>the details of huge Chinese loans obtained for the CPEC, a wary China on Monday said the global lender should "objectively and professionally" evaluate its investments and ensure that any financial package does not affect close ties between Beijing and Islamabad.

<a href="http://www.wionews.com/south-asia/path-of-thorns-an-imf-bailout-set-to-impede-pakistan-pms-populist-agenda-171049">Also Read:&nbsp;As it seeks IMF bailout, hard choices face Pakistan</a>

Pakistan Finance Minister Asad Umar told the media on Sunday that Islamabad is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF as he formally sought a bailout package from the international lender.

Speaking in Islamabad on his return from Indonesia where he requested International Monetary Fund's Managing Director Christine Lagarde for a bailout package for Pakistan, Umar said the decision to approach the global lender was taken after consultations with friendly countries.

He said an IMF team is scheduled to arrive in Pakistan on November 7th to negotiate the programme, likely to span over a three-year period.&nbsp;

Reacting to the move by its all-weather ally Pakistan to approach the IMF for a bailout package, Chinese foreign ministry spokesman, Lu Kang said here that China wants an "objective and professional" evaluation of its loans to Pakistan by the IMF. The measures to be worked out by the IMF should not affect China-Pakistan relations, he said.

"As a member of the IMF, China supports the organisation having cooperation with Pakistan in objectively and professionally evaluating the situation on the ground in Pakistan," he said while answering questions on calls for scrutiny of Chinese loans by IMF and US officials.

"Also we support the IMF (helping Pakistan) in coping with the current difficulties. Their measures shall not affect normal bilateral cooperation between China and Pakistan," he said.

He said the CPEC projects have been undertaken by the two governments under the principle of "consultation and contribution for shared benefits".

The project and financing arrangements are made by the two sides on equal consultation, he said.

"In fact, judging from the debt structure already released by the Pakistani government their debt incurred from the CPEC accounts for low proportion. So, it is not the reason for Pakistan's financial difficulties," he said.

Lu also said: "China would like to work with Pakistan to substantiate and expand the CPEC projects and help Pakistan to achieve development on its own strength".

After the new Pakistan government led by Prime Minister Imran Khan took over, China has agreed to extend the CPEC projects to the restive Balochistan province to address criticism that only the dominant Punjab province has grabbed most Chinese investments.

India has also protested to China over CPEC as it traverses through Pakistan-occupied Kashmir (PoK). The entire project is stated to be worth around $60 billion.

On his recent visit to Pakistan, Chinese Foreign Minister Wang Yi said there were currently 22 cooperation projects in Pakistan within the framework of the CPEC of which nine have been completed and 13 are under construction. The total investment of the projects is to the tune of $19 billion.

A sense of unease prevailed in Beijing since the Khan-led government started taking a critical look at the CPEC projects in view of the difficult financial situation faced by Pakistan as well criticism over debt diplomacy being pursued by China by doling out excessive loans leaving countries in heavy debt.

Umar said Pakistan's current year debt repayments were about $9 billion but obviously, it would not entirely be available from the IMF.

Ahead of Umar's comments, both IMF and US officials spoke of concerns over the excessive loans obtained by Pakistan under the CPEC projects. The US said there was no rationale for the IMF to service Chinese debt and called for close scrutiny before extending a bailout package for Pakistan.

The Trump administration has been critical of China's Belt and Road Initiative, saying that it has saddled some developing countries with debts they cannot afford to repay.

In July, US Secretary of State Mike Pompeo said there was "no rationale" for an IMF bailout to Pakistan to pay off Chinese loans to Islamabad.

On October 13, US State Department spokesperson Heather Nauert said Washington, a major stakeholder in the IMF, will examine closely Pakistan's request for loans, adding that "part of the reason that Pakistan found itself in this situation is Chinese debt".

"In all cases, we examine that closely from all angles of it, including Pakistan's debt position, in evaluating any type of loan programme," she said.

IMF's chief economist Maurice Obstfeld said China's involvement besides bringing development to Pakistan could also bring potential risks.

"It is important that the design of the projects....Be solid and excessive debts which cannot be repaid are avoided," he said.

As cash-strapped Pakistan approached the IMF for a bailout agreeing to share the details of huge Chinese loans obtained for the CPEC, a wary China on Monday said the global lender should "objectively and professionally" evaluate its investments and ensure that any financial package does not affect close ties between Beijing and Islamabad.

As cash-strapped Pakistan approached the IMF for a bailout agreeing to share the details of huge Chinese loans obtained for the CPEC, a wary China on Monday said the global lender should "objectively and professionally" evaluate its investments and ensure that any financial package does not affect close ties between Beijing and Islamabad. Also Read: As it seeks IMF bailout, hard choices face Pakistan Pakistan Finance Minister Asad Umar told the media on Sunday that Islamabad is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF as he formally sought a bailout package from the international lender. Speaking in Islamabad on his return from Indonesia where he requested International Monetary Fund's Managing Director Christine Lagarde for a bailout package for Pakistan, Umar said the decision to approach the global lender was taken after consultations with friendly countries. He said an IMF team is scheduled to arrive in Pakistan on November 7th to negotiate the programme, likely to span over a three-year period. Reacting to the move by its all-weather ally Pakistan to approach the IMF for a bailout package, Chinese foreign ministry spokesman, Lu Kang said here that China wants an "objective and professional" evaluation of its loans to Pakistan by the IMF. The measures to be worked out by the IMF should not affect China-Pakistan relations, he said. "As a member of the IMF, China supports the organisation having cooperation with Pakistan in objectively and professionally evaluating the situation on the ground in Pakistan," he said while answering questions on calls for scrutiny of Chinese loans by IMF and US officials. "Also we support the IMF (helping Pakistan) in coping with the current difficulties. Their measures shall not affect normal bilateral cooperation between China and Pakistan," he said. He said the CPEC projects have been undertaken by the two governments under the principle of "consultation and contribution for shared benefits". The project and financing arrangements are made by the two sides on equal consultation, he said. "In fact, judging from the debt structure already released by the Pakistani government their debt incurred from the CPEC accounts for low proportion. So, it is not the reason for Pakistan's financial difficulties," he said. Lu also said: "China would like to work with Pakistan to substantiate and expand the CPEC projects and help Pakistan to achieve development on its own strength". After the new Pakistan government led by Prime Minister Imran Khan took over, China has agreed to extend the CPEC projects to the restive Balochistan province to address criticism that only the dominant Punjab province has grabbed most Chinese investments. India has also protested to China over CPEC as it traverses through Pakistan-occupied Kashmir (PoK). The entire project is stated to be worth around $60 billion. On his recent visit to Pakistan, Chinese Foreign Minister Wang Yi said there were currently 22 cooperation projects in Pakistan within the framework of the CPEC of which nine have been completed and 13 are under construction. The total investment of the projects is to the tune of $19 billion. A sense of unease prevailed in Beijing since the Khan-led government started taking a critical look at the CPEC projects in view of the difficult financial situation faced by Pakistan as well criticism over debt diplomacy being pursued by China by doling out excessive loans leaving countries in heavy debt. Umar said Pakistan's current year debt repayments were about $9 billion but obviously, it would not entirely be available from the IMF. Ahead of Umar's comments, both IMF and US officials spoke of concerns over the excessive loans obtained by Pakistan under the CPEC projects. The US said there was no rationale for the IMF to service Chinese debt and called for close scrutiny before extending a bailout package for Pakistan. The Trump administration has been critical of China's Belt and Road Initiative, saying that it has saddled some developing countries with debts they cannot afford to repay. In July, US Secretary of State Mike Pompeo said there was "no rationale" for an IMF bailout to Pakistan to pay off Chinese loans to Islamabad. On October 13, US State Department spokesperson Heather Nauert said Washington, a major stakeholder in the IMF, will examine closely Pakistan's request for loans, adding that "part of the reason that Pakistan found itself in this situation is Chinese debt". "In all cases, we examine that closely from all angles of it, including Pakistan's debt position, in evaluating any type of loan programme," she said. IMF's chief economist Maurice Obstfeld said China's involvement besides bringing development to Pakistan could also bring potential risks. "It is important that the design of the projects....Be solid and excessive debts which cannot be repaid are avoided," he said.

IMF should objectively and professionally evaluate investments in Pakistan: China

Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF, Finance Minister Asad Umar has said while rejecting the US' view that China-funded projects were to blame for the cash-strapped country's current economic woes.

Speaking to the media here on his return from Indonesia where he requested International Monetary Fund's Managing Director Christine Lagarde for a bailout package for Pakistan, Umar said the decision to approach the global lender was taken after consultations with friendly countries.

The IMF team, Umar said, was scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period. He said Pakistan's current year debt repayments were about $ 9 billion but obviously it would not entirely be available from the IMF.

Lagarde has made it clear that the IMF would require absolute transparency on Pakistan's debts, including those owned by China under the $ 50 billion CPEC.

Umar, however, rejected the US State Department's statement, suggesting that the debt accrued on the CPEC projects was to blame for Pakistan's current economic crisis.

The US Friday said that the huge Chinese debt was responsible for the economic challenges in Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position.

"We understand that Pakistan has formally requested assistance from the IMF. In all cases, we examine that closely from all angles of it, including Pakistan's debt position, in evaluating any type of loan programme," State Department spokesperson Heather Nauert had said, adding this is something the US has been tracking fairly closely.

Responding to a question, Nauert said; "The secretary (of state Mike Pompeo) had spoken about this a few months back, I know, in some interviews not that long ago. I think part of the reason that Pakistan found itself in this situation is Chinese debt, and the fact that there is debt that governments have incurred that they maybe thought wouldn't be so tough to bail themselves out of, but has become increasingly tough."

Umar said the US was a key stakeholder in the IMF with about 16.5 per cent votes but enjoyed no veto power in its decision making that required majority 51 per cent votes.

He said no government in Pakistan irrespective of any political background could compromise on national security and the Pakistan Tehreek-e-Insaf government, too, would not opt for an IMF programme if conditionalities are of that nature.

But Umar Saturday said the government will have to take difficult decisions that would be painful for people but necessary under international commitments to get out of the current severe economic situation.

The IMF, Umar said, had asked for details of loans, including ones secured in relation to the CPEC projects, for analysing the debt sustainability.

Pakistan would share "normal debt-related information about CPEC with the IMF", the Express Tribune Sunday quoted the finance minister as saying.

Reiterating that the government had decided to approach the Fund in consultation with friendly countries, he said that talks with these countries were still under way. He did not identify these countries but Islamabad was in contact with China and Saudi Arabia in recent weeks.

Unlike 2013, said the minister, the global environment was not favourable to Pakistan that was why the government thoroughly deliberated upon this matter before approaching the IMF.

He said that Pakistan was facing a financing gap of $ 12 billion this year, adding that this gap would not be bridged by IMF alone.

"We will turn to friendly countries again if the IMF terms are unacceptable to Pakistan during talks on the programme," he asserted.

The minister said that he had been contending for quite some time that economic conditions could lead to national security issues and the government would not compromise on matters of national security.

He also said that Saudi Arabia, China and the United Arab Emirates had not placed tough conditions for bailing Pakistan out.

But he declined to cite specific reasons why these countries had not provided any financial assistance to Pakistan, the report said.

Categorically rejecting the US assertion that the country was in an economic mess because of the CPEC-related debt repayments, Umar said that over the next three

years, such repayments amounted to just $ 300 million a year, which "is very nominal against $ 9 billion of total debt repayments payable during this fiscal year alone".

The "statement of state department spokesperson is 100 per cent wrong", the minister said explaining that Pakistan's financing gap for the current year was about $ 12 billion and total repayments to China averaged $ 300 million over the next three years.

"We totally disagree with that statement,"&nbsp;Umar said, adding that he had already explained this to the US representatives and also to the IMF chief.

"The American narrative is totally wrong narrative,"&nbsp;Umar was quoted as saying by the Dawn.

Without disclosing exact numbers, Umar said Pakistan's net foreign currency reserves were far below than the current gross level of $ 8.3 billion.

The minister said that one of the reasons for widening current account deficit was increase in crude oil prices.

He acknowledged that the IMF programme would impact the lower and middle-income groups in Pakistan.

"We can perhaps live without the IMF but this could be more painful," Umar added.&nbsp;

Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF, Finance Minister Asad Umar has said while rejecting the US' view that China-funded projects were to blame for the cash-strapped country's current economic woes.

Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the IMF, Finance Minister Asad Umar has said while rejecting the US' view that China-funded projects were to blame for the cash-strapped country's current economic woes. Speaking to the media here on his return from Indonesia where he requested International Monetary Fund's Managing Director Christine Lagarde for a bailout package for Pakistan, Umar said the decision to approach the global lender was taken after consultations with friendly countries. The IMF team, Umar said, was scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to span over a three-year period. He said Pakistan's current year debt repayments were about $ 9 billion but obviously it would not entirely be available from the IMF. Lagarde has made it clear that the IMF would require absolute transparency on Pakistan's debts, including those owned by China under the $ 50 billion CPEC. Umar, however, rejected the US State Department's statement, suggesting that the debt accrued on the CPEC projects was to blame for Pakistan's current economic crisis. The US Friday said that the huge Chinese debt was responsible for the economic challenges in Pakistan, adding that it will review Islamabad's bailout plea to the IMF from all angles, including the country's debt position. "We understand that Pakistan has formally requested assistance from the IMF. In all cases, we examine that closely from all angles of it, including Pakistan's debt position, in evaluating any type of loan programme," State Department spokesperson Heather Nauert had said, adding this is something the US has been tracking fairly closely. Responding to a question, Nauert said; "The secretary (of state Mike Pompeo) had spoken about this a few months back, I know, in some interviews not that long ago. I think part of the reason that Pakistan found itself in this situation is Chinese debt, and the fact that there is debt that governments have incurred that they maybe thought wouldn't be so tough to bail themselves out of, but has become increasingly tough." Umar said the US was a key stakeholder in the IMF with about 16.5 per cent votes but enjoyed no veto power in its decision making that required majority 51 per cent votes. He said no government in Pakistan irrespective of any political background could compromise on national security and the Pakistan Tehreek-e-Insaf government, too, would not opt for an IMF programme if conditionalities are of that nature. But Umar Saturday said the government will have to take difficult decisions that would be painful for people but necessary under international commitments to get out of the current severe economic situation. The IMF, Umar said, had asked for details of loans, including ones secured in relation to the CPEC projects, for analysing the debt sustainability. Pakistan would share "normal debt-related information about CPEC with the IMF", the Express Tribune Sunday quoted the finance minister as saying. Reiterating that the government had decided to approach the Fund in consultation with friendly countries, he said that talks with these countries were still under way. He did not identify these countries but Islamabad was in contact with China and Saudi Arabia in recent weeks. Unlike 2013, said the minister, the global environment was not favourable to Pakistan that was why the government thoroughly deliberated upon this matter before approaching the IMF. He said that Pakistan was facing a financing gap of $ 12 billion this year, adding that this gap would not be bridged by IMF alone. "We will turn to friendly countries again if the IMF terms are unacceptable to Pakistan during talks on the programme," he asserted. The minister said that he had been contending for quite some time that economic conditions could lead to national security issues and the government would not compromise on matters of national security. He also said that Saudi Arabia, China and the United Arab Emirates had not placed tough conditions for bailing Pakistan out. But he declined to cite specific reasons why these countries had not provided any financial assistance to Pakistan, the report said. Categorically rejecting the US assertion that the country was in an economic mess because of the CPEC-related debt repayments, Umar said that over the next three years, such repayments amounted to just $ 300 million a year, which "is very nominal against $ 9 billion of total debt repayments payable during this fiscal year alone". The "statement of state department spokesperson is 100 per cent wrong", the minister said explaining that Pakistan's financing gap for the current year was about $ 12 billion and total repayments to China averaged $ 300 million over the next three years. "We totally disagree with that statement," Umar said, adding that he had already explained this to the US representatives and also to the IMF chief. "The American narrative is totally wrong narrative," Umar was quoted as saying by the Dawn. Without disclosing exact numbers, Umar said Pakistan's net foreign currency reserves were far below than the current gross level of $ 8.3 billion. The minister said that one of the reasons for widening current account deficit was increase in crude oil prices. He acknowledged that the IMF programme would impact the lower and middle-income groups in Pakistan. "We can perhaps live without the IMF but this could be more painful," Umar added.

Pakistan ready to share details of CPEC debts with IMF for bailout package: Finance minister Umar

IMF chief Christine Lagarde said Saturday she was "horrified" by reports about the fate of Saudi dissident Jamal Khashoggi but still plans to attend an economic meeting in Riyadh this month.

As questions swirl over the fate of Khashoggi -- a Saudi critic who has not been seen since he walked into the kingdom's consulate in Istanbul on October 2 -- some big business names and media outlets have pulled out of the Kingdom's second Future Investment Initiative.&nbsp;

But Lagarde said her plans were unchanged for now, despite international uproar over the case.

"Human rights, freedom of information are essential rights and horrifying things have been reported and I am horrified," she told reporters in Bali where the IMF is holding annual meetings.

"But I have to conduct the business of the IMF in all corners in the world and with many governments."

"When I visit a country, I always speak my mind... So at this point of time my intention is to not change my plans and to be very attentive to the information that is coming out in the next few days."

Her comments came shortly after US Treasury Secretary Steven Mnuchin said he also still planned to attend the October 23-25 meeting, dubbed "Davos in the Desert".&nbsp;

"The answer is for now I am" still going, Mnuchin said.

"If more information comes out over the next week, I will obviously take that into account."

"Obviously I want to express concern for Mr. Khashoggi and his family," he added.

"We look forward to getting results of this investigation."

UN chief Antonio Guterres meanwhile told the BBC: "We need to have a strong request for the truth to be clear."

"We need to know exactly what has happened and we need to know exactly who is responsible... we need to find ways in which accountability is also demanded," he added.

The UN secretary general said he felt "this kind of incident is multiplying."

"I am feeling worried (at) this apparent new normal," he said in Bali.

Riyadh on Saturday dismissed accusations that authorities there had ordered Khashoggi be murdered by a hit squad inside its Istanbul consulate as "lies and baseless allegations".

But the row has intensified with the Washington Post reporting that Turkish officials have recordings made from inside the building that allegedly prove their claims Khashoggi was tortured and killed at the consulate.

Bloomberg, the Financial Times, The Economist and The New York Times have withdrawn as media sponsors from the event amid questions about the missing man's fate.

The CEO of ride-hailing app Uber, Dara Khosrowshahi, said that he will no longer be attending the event unless "a substantially different set of facts emerges".

British entrepreneur Richard Branson said he would suspend two directorships linked to tourism projects in Saudi Arabia over the issue.

Amnesty International demanded the Saudi authorities reveal what happened to Khashoggi as it said Riyadh was "responsible at a minimum for enforced disappearance".

IMF chief Christine Lagarde said Saturday she was "horrified" by reports about the fate of Saudi dissident Jamal Khashoggi but still plans to attend an economic meeting in Riyadh this month.

IMF chief Christine Lagarde said Saturday she was "horrified" by reports about the fate of Saudi dissident Jamal Khashoggi but still plans to attend an economic meeting in Riyadh this month. As questions swirl over the fate of Khashoggi -- a Saudi critic who has not been seen since he walked into the kingdom's consulate in Istanbul on October 2 -- some big business names and media outlets have pulled out of the Kingdom's second Future Investment Initiative. But Lagarde said her plans were unchanged for now, despite international uproar over the case. "Human rights, freedom of information are essential rights and horrifying things have been reported and I am horrified," she told reporters in Bali where the IMF is holding annual meetings. "But I have to conduct the business of the IMF in all corners in the world and with many governments." "When I visit a country, I always speak my mind... So at this point of time my intention is to not change my plans and to be very attentive to the information that is coming out in the next few days." Her comments came shortly after US Treasury Secretary Steven Mnuchin said he also still planned to attend the October 23-25 meeting, dubbed "Davos in the Desert". "The answer is for now I am" still going, Mnuchin said. "If more information comes out over the next week, I will obviously take that into account." "Obviously I want to express concern for Mr. Khashoggi and his family," he added. "We look forward to getting results of this investigation." UN chief Antonio Guterres meanwhile told the BBC: "We need to have a strong request for the truth to be clear." "We need to know exactly what has happened and we need to know exactly who is responsible... we need to find ways in which accountability is also demanded," he added. The UN secretary general said he felt "this kind of incident is multiplying." "I am feeling worried (at) this apparent new normal," he said in Bali. Riyadh on Saturday dismissed accusations that authorities there had ordered Khashoggi be murdered by a hit squad inside its Istanbul consulate as "lies and baseless allegations". But the row has intensified with the Washington Post reporting that Turkish officials have recordings made from inside the building that allegedly prove their claims Khashoggi was tortured and killed at the consulate. Bloomberg, the Financial Times, The Economist and The New York Times have withdrawn as media sponsors from the event amid questions about the missing man's fate. The CEO of ride-hailing app Uber, Dara Khosrowshahi, said that he will no longer be attending the event unless "a substantially different set of facts emerges". British entrepreneur Richard Branson said he would suspend two directorships linked to tourism projects in Saudi Arabia over the issue. Amnesty International demanded the Saudi authorities reveal what happened to Khashoggi as it said Riyadh was "responsible at a minimum for enforced disappearance".

IMF chief 'horrified' by Khashoggi case, still plans Saudi trip

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China. It is almost a surety that Pakistan will approach the Fund for its variegated economic and financial issues. But, a not too subtle warning has already been issued to the country which has over a period of time drifted to China’s orbit. (This has been couched in a technocratic gloss and verbiage). 
 
The reasons are not too difficult to figure out: the institutions of global governance like the IMF are not merely technocratic institutions designed to maximize peoples welfare or merely to “look after” the global economy; they are institutions where the ingress of ideology( free market capitalism or &nbsp;market fundamentalism) and politics is all too prevalent. 
 
The quota system of the IMF and the voting rights thereof are loaded towards developed and industrialised (or even post-industrial) nations, especially the United States (which has had no qualms in maintaining the status quo from which it benefits). Complemented with the geopolitical heft and clout of the country, &nbsp;the United States’ influence at and in the IMF gives it enormous leverage. 
 
In terms of the ideological flavour of the IMF, it is loaded towards free-market capitalism and the gravamen of its approach towards countries in financial and economic distress is to goad these countries towards this variety of capitalism. The IMF has a “one size fit all” prescription for distressed countries toward this end (Obiter Dictum, Thomas Friedman, the famous and influential columnist of the New York Times, in his best selling book, “ The World is Flat”, essentially in the nature of an irrationally exuberant ode to free-market capitalism inspired globalisation called this “the Golden Straitjacket”).

But, countries that form the international system are neither uniform nor homogenous in terms of their development, economic growth and patterns thereof for a whole host of reasons. So, a “straitjacketed” prescription for all countries or economies is not only impractical but suggests an ideological agenda. This agenda is translated into action through “conditionalities” and “structural reforms” foisted upon economies in distress by the IMF. And, given the voting power discrepancies, there are other political agendas involved as well. The case of Indonesia after the Asian financial crisis in 1997 comes to mind here as an egregious example. More contemporarily, the IMF’s involvement and its role in Greece constitutes another example.

All this is not to demean and denigrate the IMF. This global governance institution is a much-needed one. But the political power embedded in it, its nature and the institutions’ ideological predilections(discredited in and after the 2008 global financial crisis) need urgent reform.

&nbsp;Now, in terms of the instance of Pakistan , whose financing gaps have become enormous over the years, the country has been moving away from the United States and drifting into the Chinese orbit, being a substantive partner in China’s One Belt One Road Initiative’s, (OBOR) corollary, the China Pakistan Economic Corridor(CPEC). If both the OBOR and the CPEC actually fructify, then there will be a recalibration of economic and global power globally which, in turn, will have geopolitical implications and consequences. This might even constitute a challenge to the United States domination of the global economic and financial system, creating another powerful pole in the process. The IMF, in this instance, appears to be used to make a point to Pakistan. There then is politics involved here.

The example of Pakistan and other countries in the past must concentrate the minds of developing and emerging economies which are at a structural disadvantage in many respects vis a vis the developed world. Given the inherent volatility of the world financial system, especially in its more globalised avatar and given that economic fluctuations are part and parcel of the capitalist growth process, emerging and developing economies face vulnerabilities that can perhaps best be mitigated by institutions like the IMF. The institution then is both needed and desirable. But, at the risk of sounding tautological, it needs reform at both conceptual and structural levels.

The world that we inhabit contemporarily is not the same world it was in the seventies. Profound structural transformations have occurred that have both upended and rejigged past paradigms and shibboleths. The developing world, as a group, albeit a differentiated one, no more bears the depredations of post colonialism but has emerged as an entity which can hold its own, in many domains. It cannot and must not be relegated to the margins in institutions of global governance. 
 
Developing countries need an agency and robust representations in institutions of import. One good starting point for this would be a comprehensive and robust reform of the IMF. If and when this happens, it could be a prelude to a more equitable world order. Till then, global governance will reflect and bear the imprimatur of power with developing countries, especially those in distress, suffering in the crucible of and at the altar of power politics.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China.

Before actually formally approaching the International Monetary Fund(IMF) for a bailout, the global governance institute has warned Pakistan against “excessive loans” from China. It is almost a surety that Pakistan will approach the Fund for its variegated economic and financial issues. But, a not too subtle warning has already been issued to the country which has over a period of time drifted to China’s orbit. (This has been couched in a technocratic gloss and verbiage). The reasons are not too difficult to figure out: the institutions of global governance like the IMF are not merely technocratic institutions designed to maximize peoples welfare or merely to “look after” the global economy; they are institutions where the ingress of ideology( free market capitalism or market fundamentalism) and politics is all too prevalent. The quota system of the IMF and the voting rights thereof are loaded towards developed and industrialised (or even post-industrial) nations, especially the United States (which has had no qualms in maintaining the status quo from which it benefits). Complemented with the geopolitical heft and clout of the country, the United States’ influence at and in the IMF gives it enormous leverage. In terms of the ideological flavour of the IMF, it is loaded towards free-market capitalism and the gravamen of its approach towards countries in financial and economic distress is to goad these countries towards this variety of capitalism. The IMF has a “one size fit all” prescription for distressed countries toward this end (Obiter Dictum, Thomas Friedman, the famous and influential columnist of the New York Times, in his best selling book, “ The World is Flat”, essentially in the nature of an irrationally exuberant ode to free-market capitalism inspired globalisation called this “the Golden Straitjacket”). But, countries that form the international system are neither uniform nor homogenous in terms of their development, economic growth and patterns thereof for a whole host of reasons. So, a “straitjacketed” prescription for all countries or economies is not only impractical but suggests an ideological agenda. This agenda is translated into action through “conditionalities” and “structural reforms” foisted upon economies in distress by the IMF. And, given the voting power discrepancies, there are other political agendas involved as well. The case of Indonesia after the Asian financial crisis in 1997 comes to mind here as an egregious example. More contemporarily, the IMF’s involvement and its role in Greece constitutes another example. All this is not to demean and denigrate the IMF. This global governance institution is a much-needed one. But the political power embedded in it, its nature and the institutions’ ideological predilections(discredited in and after the 2008 global financial crisis) need urgent reform. Now, in terms of the instance of Pakistan , whose financing gaps have become enormous over the years, the country has been moving away from the United States and drifting into the Chinese orbit, being a substantive partner in China’s One Belt One Road Initiative’s, (OBOR) corollary, the China Pakistan Economic Corridor(CPEC). If both the OBOR and the CPEC actually fructify, then there will be a recalibration of economic and global power globally which, in turn, will have geopolitical implications and consequences. This might even constitute a challenge to the United States domination of the global economic and financial system, creating another powerful pole in the process. The IMF, in this instance, appears to be used to make a point to Pakistan. There then is politics involved here. The example of Pakistan and other countries in the past must concentrate the minds of developing and emerging economies which are at a structural disadvantage in many respects vis a vis the developed world. Given the inherent volatility of the world financial system, especially in its more globalised avatar and given that economic fluctuations are part and parcel of the capitalist growth process, emerging and developing economies face vulnerabilities that can perhaps best be mitigated by institutions like the IMF. The institution then is both needed and desirable. But, at the risk of sounding tautological, it needs reform at both conceptual and structural levels. The world that we inhabit contemporarily is not the same world it was in the seventies. Profound structural transformations have occurred that have both upended and rejigged past paradigms and shibboleths. The developing world, as a group, albeit a differentiated one, no more bears the depredations of post colonialism but has emerged as an entity which can hold its own, in many domains. It cannot and must not be relegated to the margins in institutions of global governance. Developing countries need an agency and robust representations in institutions of import. One good starting point for this would be a comprehensive and robust reform of the IMF. If and when this happens, it could be a prelude to a more equitable world order. Till then, global governance will reflect and bear the imprimatur of power with developing countries, especially those in distress, suffering in the crucible of and at the altar of power politics. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The reform of the IMF is imperative for an equitable world order

International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday confirmed that Pakistan has formally approached the IMF seeking financial assistance to address its economic challenges.

Lagarde met Pakistan's Minister of Finance, Revenue and Economic Affairs, Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team.

"Today, I met with Pakistan's Minister of Finance, Revenue and Economic Affairs Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team. During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges," Lagarde revealed in a statement.

She further said that an IMF team will visit Islamabad in the coming week to initiate discussions for a possible economic programme.

"An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme. We look forward to our continuing partnership," Lagarde added.

Pakistan's economy has been in a limbo for long. It was already speculated that Pakistan would have to seek a loan package from IMF following the elections which were held on July 25.

Islamabad will be seeking a loan package from the fund for the second time since 2013.

In June, Caretaker Finance Minister Shamshad Akhtar in a press conference in Islamabad revealed that the government will be seeking financial help from the IMF in order to balance the deficit gap of USD 25 billion.&nbsp;

International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday confirmed that Pakistan has formally approached the IMF seeking financial assistance to address its economic challenges.

International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday confirmed that Pakistan has formally approached the IMF seeking financial assistance to address its economic challenges. Lagarde met Pakistan's Minister of Finance, Revenue and Economic Affairs, Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team. "Today, I met with Pakistan's Minister of Finance, Revenue and Economic Affairs Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team. During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges," Lagarde revealed in a statement. She further said that an IMF team will visit Islamabad in the coming week to initiate discussions for a possible economic programme. "An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme. We look forward to our continuing partnership," Lagarde added. Pakistan's economy has been in a limbo for long. It was already speculated that Pakistan would have to seek a loan package from IMF following the elections which were held on July 25. Islamabad will be seeking a loan package from the fund for the second time since 2013. In June, Caretaker Finance Minister Shamshad Akhtar in a press conference in Islamabad revealed that the government will be seeking financial help from the IMF in order to balance the deficit gap of USD 25 billion.

IMF team to visit Pakistan to initiate discussions on bailout

Pakistan will go to the International Monetary Fund and friendly countries for financial help to avert a looming balance of payments crisis, Prime Minister Imran Khan said on Wednesday.

His comments suggest the government will approach both Saudi Arabia and China for loans alongside any assistance provided by the IMF. Beijing and Riyadh have provided Pakistan with financial assistance in the past.

Khan said the current account deficit was about $18 billion. "We do not have enough dollars to pay the instalments of our loans," he said in a speech. "We debated and decided to go both the IMF and countries which are our friends."

Khan, who took office in July, has been seeking alternatives to a second IMF bailout in five years - which would be likely to impose tough conditions on government policy, limiting his vision of an Islamic welfare state - but decided on Monday to open talks with the international lending body.

Finance Minister Asad Umar is due to meet officials at this week's annual conference of the IMF and the World Bank in Bali, Indonesia, to discuss a potential package.

Pakistan's foreign reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year.

On Tuesday, the Pakistani rupee plunged 7 per cent in an apparent central bank devaluation, the country's fifth devaluation since December. This took total rupee losses since then to about 26 per cent, a level seen as a prerequisite for another IMF rescue package.

In his first official state visit, Khan and Umar flew to Saudi Arabia and the government later announced Riyadh would be investing in Chinese-funded development projects.

Beijing has pledged $60 billion to build infrastructure and energy projects to help turn Pakistan into a major overland route linking western China to the world.

Chinese Foreign Minister Wang Yi visited Islamabad last month when he met Khan and reiterated that Chinese investment would help revitalise Pakistan's economy.

Khan described ironically the $18 billion deficit as "a gift from the previous government".

"This is the biggest ever deficit of Pakistan's history," he said. "I want to tell all of you to stay strong and not to panic. This is &nbsp;a very short period of time which will go away."

In the past, Khan had said going to the IMF for assistance and taking loans would be a last resort for his government.

Pakistan will go to the International Monetary Fund and friendly countries for financial help to avert a looming balance of payments crisis, Prime Minister Imran Khan said on Wednesday.

Pakistan will go to the International Monetary Fund and friendly countries for financial help to avert a looming balance of payments crisis, Prime Minister Imran Khan said on Wednesday. His comments suggest the government will approach both Saudi Arabia and China for loans alongside any assistance provided by the IMF. Beijing and Riyadh have provided Pakistan with financial assistance in the past. Khan said the current account deficit was about $18 billion. "We do not have enough dollars to pay the instalments of our loans," he said in a speech. "We debated and decided to go both the IMF and countries which are our friends." Khan, who took office in July, has been seeking alternatives to a second IMF bailout in five years - which would be likely to impose tough conditions on government policy, limiting his vision of an Islamic welfare state - but decided on Monday to open talks with the international lending body. Finance Minister Asad Umar is due to meet officials at this week's annual conference of the IMF and the World Bank in Bali, Indonesia, to discuss a potential package. Pakistan's foreign reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year. On Tuesday, the Pakistani rupee plunged 7 per cent in an apparent central bank devaluation, the country's fifth devaluation since December. This took total rupee losses since then to about 26 per cent, a level seen as a prerequisite for another IMF rescue package. In his first official state visit, Khan and Umar flew to Saudi Arabia and the government later announced Riyadh would be investing in Chinese-funded development projects. Beijing has pledged $60 billion to build infrastructure and energy projects to help turn Pakistan into a major overland route linking western China to the world. Chinese Foreign Minister Wang Yi visited Islamabad last month when he met Khan and reiterated that Chinese investment would help revitalise Pakistan's economy. Khan described ironically the $18 billion deficit as "a gift from the previous government". "This is the biggest ever deficit of Pakistan's history," he said. "I want to tell all of you to stay strong and not to panic. This is a very short period of time which will go away." In the past, Khan had said going to the IMF for assistance and taking loans would be a last resort for his government.

We don't have enough to pay loans, decided to approach IMF and friendly countries: Imran Khan

IMF chief Christine Lagarde on Thursday defended central bank rate hikes in a veiled rebuke to Donald Trump after the US president blamed "<a href="http://www.wionews.com/world/trump-says-the-fed-has-gone-crazy-with-rate-hikes-170783">crazy" Fed policies</a> for contributing to financial market turmoil.

Lagarde spoke as a global market sell-off rolled into Asia following Trump's comments, underscoring rising financial volatility that the IMF will address at its annual meetings with the World Bank this week in Bali.

Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals.

"It is clearly a necessary development for those economies that are showing much-improved growth, inflation that is picking up... unemployment that is extremely low," she told a press briefing in Bali.

"It's inevitable that central banks make the decisions that they make."&nbsp;

Following a sharp Wall Street sell-off on Wednesday, Trump said the Federal Reserve "is making a mistake."

"I think the Fed has gone crazy," he said.

Gathering clouds

Trump has repeatedly touted Wall Street record highs as proof of the success of his policies including a confrontational trade strategy, and frequently criticises the Fed for gradually raising interest rates, which could press the brakes on equity markets.

The world's financial elite are on the Indonesian holiday island for a week of discussions clouded by the economic outlook.

An IMF report released Wednesday said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate.

Much of the global angst has been dominated by Trump's escalating tariff war with China and his disdain for world trading norms.

But higher US interest rates have also helped send emerging market currencies into a tailspin, as countries that borrowed heavily in dollars race to pay back debt.

Lagarde said in Bali that world leaders should fix global trading systems instead of tearing them down, in response to rising nationalist and protectionist impulses.

While defending rate hikes, Lagarde added Thursday that uncoordinated increases in advanced economies were contributing to destabilising capital outflows from emerging markets.

Combined with trade tensions, this had created "a bit of an unprecedented situation" for the world economy, she said.

"Clearly as a result of (rate hikes)... we see and we will continue to see capital flow movements," she added.

"The fact that large central banks of advanced economies are not exactly all moving at the same pace is also probably accelerating that phenomenon."

Economic tremors

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.

The head of the World Trade Organization warned that a "full-blown commercial war" could shrink global trade by nearly 18 per cent and also knock worldwide GDP, hurting the United States, China, and others.

Lagarde said she would meet Pakistani officials on Thursday, with expectations that Islamabad will request a bailout over a looming balance-of-payments crisis, with Prime Minister Imran Khan saying this week his country needs $10-12 billion.

"I'm assuming that there might be a programme request on their part, but that has not been discussed and we will explore that this afternoon," she said.

The IMF on Tuesday cut its global GDP growth forecast by 0.2 percentage points to 3.7 per cent for both 2018 and 2019, citing the economic uncertainties.

The meetings open in the wake of an earthquake and tsunami on September 28 on Sulawesi island that left more than 2,000 dead and possibly thousands more missing, highlighting disaster-prone Indonesia's safety hazards.

Those risks were highlighted again early Thursday, when a 6.0-magnitude quake rattled parts of the islands of Java and Bali, including meeting venues and hotels.

Three people were killed on Java when buildings collapsed.

No damage or casualties were reported on Bali, but the tremor prompted summit organisers to issue guidance to attendees on what to do if a quake strikes.

IMF chief Christine Lagarde on Thursday defended central bank rate hikes in a veiled rebuke to Donald Trump after the US president blamed "crazy" Fed policies for contributing to financial market turmoil.

IMF chief Christine Lagarde on Thursday defended central bank rate hikes in a veiled rebuke to Donald Trump after the US president blamed "crazy" Fed policies for contributing to financial market turmoil. Lagarde spoke as a global market sell-off rolled into Asia following Trump's comments, underscoring rising financial volatility that the IMF will address at its annual meetings with the World Bank this week in Bali. Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals. "It is clearly a necessary development for those economies that are showing much-improved growth, inflation that is picking up... unemployment that is extremely low," she told a press briefing in Bali. "It's inevitable that central banks make the decisions that they make." Following a sharp Wall Street sell-off on Wednesday, Trump said the Federal Reserve "is making a mistake." "I think the Fed has gone crazy," he said. Gathering clouds Trump has repeatedly touted Wall Street record highs as proof of the success of his policies including a confrontational trade strategy, and frequently criticises the Fed for gradually raising interest rates, which could press the brakes on equity markets. The world's financial elite are on the Indonesian holiday island for a week of discussions clouded by the economic outlook. An IMF report released Wednesday said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate. Much of the global angst has been dominated by Trump's escalating tariff war with China and his disdain for world trading norms. But higher US interest rates have also helped send emerging market currencies into a tailspin, as countries that borrowed heavily in dollars race to pay back debt. Lagarde said in Bali that world leaders should fix global trading systems instead of tearing them down, in response to rising nationalist and protectionist impulses. While defending rate hikes, Lagarde added Thursday that uncoordinated increases in advanced economies were contributing to destabilising capital outflows from emerging markets. Combined with trade tensions, this had created "a bit of an unprecedented situation" for the world economy, she said. "Clearly as a result of (rate hikes)... we see and we will continue to see capital flow movements," she added. "The fact that large central banks of advanced economies are not exactly all moving at the same pace is also probably accelerating that phenomenon." Economic tremors 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. The head of the World Trade Organization warned that a "full-blown commercial war" could shrink global trade by nearly 18 per cent and also knock worldwide GDP, hurting the United States, China, and others. Lagarde said she would meet Pakistani officials on Thursday, with expectations that Islamabad will request a bailout over a looming balance-of-payments crisis, with Prime Minister Imran Khan saying this week his country needs $10-12 billion. "I'm assuming that there might be a programme request on their part, but that has not been discussed and we will explore that this afternoon," she said. The IMF on Tuesday cut its global GDP growth forecast by 0.2 percentage points to 3.7 per cent for both 2018 and 2019, citing the economic uncertainties. The meetings open in the wake of an earthquake and tsunami on September 28 on Sulawesi island that left more than 2,000 dead and possibly thousands more missing, highlighting disaster-prone Indonesia's safety hazards. Those risks were highlighted again early Thursday, when a 6.0-magnitude quake rattled parts of the islands of Java and Bali, including meeting venues and hotels. Three people were killed on Java when buildings collapsed. No damage or casualties were reported on Bali, but the tremor prompted summit organisers to issue guidance to attendees on what to do if a quake strikes.

IMF chief Christine Lagarde defends rate hikes after Trump slams 'crazy' Fed

Pakistan's&nbsp;new prime minister Imran Khan has pledged to steer the country out of the looming financial crisis by taking help from the IMF and "friendly countries".

Khan said that his country has two options, it can either go to friendly countries or&nbsp;it can also seek help from IMF.

"We will get out of this. I will take (the country) out of this. We have two options: one, we can go to friendly countries and ask them to bridge this gap; and second, that we go to the IMF," he said, adding that the government has decided to do "both".

Khan said the country needs $10-12 billion, which he dismissed as "not a major issue" in televised comments.

Blaming the condition of Pakistan on previous governments he said his government was forced to borrow money to pay back.

He said Pakistan is burdened due to debts incurred by the previous government and his government is constrained to borrow more money to pay back those debts.

Since he assumed office in August, Khan has pledged to take the country out of the balance of payments crisis.

He has taken several measures including auctioning of government properties and crowd funding to stabilise the shaky economy.

Khan also promised to&nbsp;recover funds stolen by corrupt officials.

Pakistan has gone to the IMF multiple times since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

Khan, who came to power on an anti-corruption agenda and promises of building an Islamic welfare state, encouraged citizens not to get frustrated.

"This is a very small period (of crisis). Our country is a rich country, it is blessed by Allah. This country will come out of crisis," he said.

Khan also announced that his government will begin a massive low-cost housing scheme with the aim of building five million homes in five years.

He clarified that the government is seeking funds from external sources only for the short term, as the economic reforms and austerity measures initiated by his government "will take six months to show results".&nbsp;&nbsp; &nbsp;

His government has come under heavy criticism after the decision to seek a bailout package from the IMF as Khan in the past had vowed never to seek such assistance and also attacked previous government for going to IMF for loans.

(With inputs from agencies)

Pakistan's new prime minister Imran Khan has pledged to steer the country out of the looming financial crisis by taking help from the IMF and "friendly countries".

Pakistan's new prime minister Imran Khan has pledged to steer the country out of the looming financial crisis by taking help from the IMF and "friendly countries". Khan said that his country has two options, it can either go to friendly countries or it can also seek help from IMF. "We will get out of this. I will take (the country) out of this. We have two options: one, we can go to friendly countries and ask them to bridge this gap; and second, that we go to the IMF," he said, adding that the government has decided to do "both". Khan said the country needs $10-12 billion, which he dismissed as "not a major issue" in televised comments. Blaming the condition of Pakistan on previous governments he said his government was forced to borrow money to pay back. He said Pakistan is burdened due to debts incurred by the previous government and his government is constrained to borrow more money to pay back those debts. Since he assumed office in August, Khan has pledged to take the country out of the balance of payments crisis. He has taken several measures including auctioning of government properties and crowd funding to stabilise the shaky economy. Khan also promised to recover funds stolen by corrupt officials. Pakistan has gone to the IMF multiple times since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis. Khan, who came to power on an anti-corruption agenda and promises of building an Islamic welfare state, encouraged citizens not to get frustrated. "This is a very small period (of crisis). Our country is a rich country, it is blessed by Allah. This country will come out of crisis," he said. Khan also announced that his government will begin a massive low-cost housing scheme with the aim of building five million homes in five years. He clarified that the government is seeking funds from external sources only for the short term, as the economic reforms and austerity measures initiated by his government "will take six months to show results". His government has come under heavy criticism after the decision to seek a bailout package from the IMF as Khan in the past had vowed never to seek such assistance and also attacked previous government for going to IMF for loans. (With inputs from agencies)

Will approach both friendly countries, IMF to overcome economic crisis: Imran Khan

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better.

"Countries that have a more comfortable balance sheet, have a stronger net worth position, have more space to respond to adverse developments in the economy or in the financial sector. So for example, the recession's associated with a financial crisis will be a shell lower and shorter-lived," Vitor Gasper, IMF Director of Fiscal Affairs Department, told PTI in an interview.

As such, he called for better asset management by countries, including India, information for which he said was not complete.&nbsp;

"When a government has a stronger asset management, it may be able to get three per cent of GDP in additional revenue and that's about the size of the corporate income tax revenue in average in advanced economies," Gasper said underscoring the importance of asset management.

The latest Fiscal Monitor report of the IMF says public sector assets of 31 countries, including India, are worth USD 101 trillion or 219 per cent of the GDP. At the same time, liabilities amount to 198 per cent of the GDP. These 31 countries account for 61 per cent of the world GDP. Public sector balance sheets provide the most comprehensive picture of public wealth, the report said.

Calling for a better asset management, Gasper said a country could get a considerable return out of a more professional and systematic management of public sector assets.

The assets of these 31 sample countries, he said, are very diverse. They include financial assets, state-owned companies like electricity and water supply. Natural resource wealth controlled by the public sector is important in several countries, especially in those that are rich in these resources. "Assets matter because of their sheer magnitude," he said.

Noting that liabilities amount to 198 per cent of the GDP, he said slightly less than half of this value i.e., 94 per cent of GDP corresponds to the most traditional concept of gross public debt of the general government.

Of the remainder, the most important item on the liability side is already accrued public sector pension liabilities at 46 per cent of GDP. And that corresponds to responsibilities that the public sector has already formed against the public sector's own employees.&nbsp;

"So, assets matter because of their size and once you have a list of assets and the control of the public sector, you have a substantial improvement in transparency and accountability..." Gasper said, arguing that balance sheet information complements the analysis that one gets from other conventional ways of looking at fiscal policy.

India, he said, is different from other countries in the sample in the sense that the IMF's information on the public sector of India is not comprehensive. "For India, we only have information on the central government and public sector corporations that depend on the central government," he said.&nbsp;

It's not a comprehensive picture of the public sector of India because subnational finances in India are very important and the subnational levels are quite active in many areas which are crucial for the Indian economy and finance, he noted.

"So, if we use the information we have on the central government and the public corporations that depend on the Indian central government and compare it with the other countries, India is almost exactly at the middle of the distribution, with a net worth which is slightly positive and a financial net worth which is negative," Gasper said.&nbsp;

"Assets and liabilities of the central government in India are considerable and as we have seen for the aggregate numbers, liabilities go well beyond government debt only, and assets are quite considerable," he added. Natural resources constitute a non-negligible part of the public wealth of India.&nbsp;

For 2016, the public sector, mineral and energy resources are estimated at 40.5 per cent of GDP, of which 3.6 per cent is oil and gas, about 25 per cent is coal and metals, and minerals is almost 12 per cent of GDP. So this is the composition. "If you would compare, India with natural resource-rich countries, you would see that India again would be more or less in the middle of a list of countries," he said.&nbsp;

The Russian Federation has a natural resource wealth which is estimated to be more than 300 per cent of GDP, Kazakhstan has more than 200 per cent, Peru at around 170 per cent and then, down from there. "But, India is in the middle of the distribution," he added.&nbsp;

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better.

Countries having more comfortable balance sheets have more space to respond to adverse developments in the economy, a top official of the International Monetary Fund (IMF) said Wednesday, urging nations to manage assets better. "Countries that have a more comfortable balance sheet, have a stronger net worth position, have more space to respond to adverse developments in the economy or in the financial sector. So for example, the recession's associated with a financial crisis will be a shell lower and shorter-lived," Vitor Gasper, IMF Director of Fiscal Affairs Department, told PTI in an interview. As such, he called for better asset management by countries, including India, information for which he said was not complete. "When a government has a stronger asset management, it may be able to get three per cent of GDP in additional revenue and that's about the size of the corporate income tax revenue in average in advanced economies," Gasper said underscoring the importance of asset management. The latest Fiscal Monitor report of the IMF says public sector assets of 31 countries, including India, are worth USD 101 trillion or 219 per cent of the GDP. At the same time, liabilities amount to 198 per cent of the GDP. These 31 countries account for 61 per cent of the world GDP. Public sector balance sheets provide the most comprehensive picture of public wealth, the report said. Calling for a better asset management, Gasper said a country could get a considerable return out of a more professional and systematic management of public sector assets. The assets of these 31 sample countries, he said, are very diverse. They include financial assets, state-owned companies like electricity and water supply. Natural resource wealth controlled by the public sector is important in several countries, especially in those that are rich in these resources. "Assets matter because of their sheer magnitude," he said. Noting that liabilities amount to 198 per cent of the GDP, he said slightly less than half of this value i.e., 94 per cent of GDP corresponds to the most traditional concept of gross public debt of the general government. Of the remainder, the most important item on the liability side is already accrued public sector pension liabilities at 46 per cent of GDP. And that corresponds to responsibilities that the public sector has already formed against the public sector's own employees. "So, assets matter because of their size and once you have a list of assets and the control of the public sector, you have a substantial improvement in transparency and accountability..." Gasper said, arguing that balance sheet information complements the analysis that one gets from other conventional ways of looking at fiscal policy. India, he said, is different from other countries in the sample in the sense that the IMF's information on the public sector of India is not comprehensive. "For India, we only have information on the central government and public sector corporations that depend on the central government," he said. It's not a comprehensive picture of the public sector of India because subnational finances in India are very important and the subnational levels are quite active in many areas which are crucial for the Indian economy and finance, he noted. "So, if we use the information we have on the central government and the public corporations that depend on the Indian central government and compare it with the other countries, India is almost exactly at the middle of the distribution, with a net worth which is slightly positive and a financial net worth which is negative," Gasper said. "Assets and liabilities of the central government in India are considerable and as we have seen for the aggregate numbers, liabilities go well beyond government debt only, and assets are quite considerable," he added. Natural resources constitute a non-negligible part of the public wealth of India. For 2016, the public sector, mineral and energy resources are estimated at 40.5 per cent of GDP, of which 3.6 per cent is oil and gas, about 25 per cent is coal and metals, and minerals is almost 12 per cent of GDP. So this is the composition. "If you would compare, India with natural resource-rich countries, you would see that India again would be more or less in the middle of a list of countries," he said. The Russian Federation has a natural resource wealth which is estimated to be more than 300 per cent of GDP, Kazakhstan has more than 200 per cent, Peru at around 170 per cent and then, down from there. "But, India is in the middle of the distribution," he added.

India needs better asset management: Top IMF official

<a href="http://www.wionews.com/south-asia/president-yameens-party-challenges-election-results-in-maldives-supreme-court-170671">President Yameen's party challenges election results in Maldives Supreme Court</a>

Maldives President Abdulla Yameen's party today filed a petition in the Supreme Court challenging his election defeat last month. Yameen's U-turn comes after he conceded defeat to Ibrahim Mohamed Solih-led Opposition parties. Yameen had earlier said he had met Solih and congratulated him on his election victory.

<a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648">Severe cyclonic storm '</a><a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648">Titli</a><a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648">' to hit Odisha-Andhra Pradesh coast tomorrow at </a><a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648">wind</a><a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648"> speed of 145 </a><a href="http://www.wionews.com/india-news/severe-cyclonic-storm-titli-to-hit-odisha-ap-coast-tomorrow-at-wind-speed-of-145-kmph-170648">kmph</a>

Cyclone 'Titli' over the Bay of Bengal intensified into a severe cyclonic storm Wednesday and is moving towards the Odisha-Andhra Pradesh coast, triggering rainfall in several parts of Odisha, the India Meteorological Department (IMD) said.

<a href="http://www.wionews.com/world/saudi-journalist-was-killed-by-15-man-hit-team-that-then-dismembered-his-body-with-bone-saw-nyt-170659">Journalist Khashoggi was killed by Saudi 'hit team' that then dismembered his body with </a><a href="http://www.wionews.com/world/saudi-journalist-was-killed-by-15-man-hit-team-that-then-dismembered-his-body-with-bone-saw-nyt-170659">bone</a><a href="http://www.wionews.com/world/saudi-journalist-was-killed-by-15-man-hit-team-that-then-dismembered-his-body-with-bone-saw-nyt-170659"> saw: NYT</a>

The prominent Saudi journalist Jamal Khashoggi entered the Saudi Arabian consulate in Istanbul, for some routine paperwok, on October 2 a little before 1.15 pm.&nbsp;His girlfriend, who was waiting for him outside, says he never came out.&nbsp;

<a href="http://www.wionews.com/south-asia/imf-warns-pakistan-against-excessive-loans-from-china-170672">IMF warns Pakistan against ‘excessive loans’ from China</a>

Pakistan has not yet formally approached the International Monetary Fund for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF’s chief economist said on Tuesday.

<a href="http://www.wionews.com/world/eight-dead-in-majorca-flash-flooding-170676">Eight dead in Spain's Majorca flash flooding</a>

At least eight people have died, including two British nationals, and several others are missing in flash floods on the Spanish holiday island of Majorca, authorities and emergency services said Wednesday.

&nbsp;

President Yameen's party challenges election results in Maldives Supreme Court Maldives President Abdulla Yameen's party today filed a petition in the Supreme Court challenging his election defeat last month.

President Yameen's party challenges election results in Maldives Supreme Court Maldives President Abdulla Yameen's party today filed a petition in the Supreme Court challenging his election defeat last month. Yameen's U-turn comes after he conceded defeat to Ibrahim Mohamed Solih-led Opposition parties. Yameen had earlier said he had met Solih and congratulated him on his election victory. Severe cyclonic storm 'Titli' to hit Odisha-Andhra Pradesh coast tomorrow at wind speed of 145 kmph Cyclone 'Titli' over the Bay of Bengal intensified into a severe cyclonic storm Wednesday and is moving towards the Odisha-Andhra Pradesh coast, triggering rainfall in several parts of Odisha, the India Meteorological Department (IMD) said. Journalist Khashoggi was killed by Saudi 'hit team' that then dismembered his body with bone saw: NYT The prominent Saudi journalist Jamal Khashoggi entered the Saudi Arabian consulate in Istanbul, for some routine paperwok, on October 2 a little before 1.15 pm. His girlfriend, who was waiting for him outside, says he never came out. IMF warns Pakistan against ‘excessive loans’ from China Pakistan has not yet formally approached the International Monetary Fund for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF’s chief economist said on Tuesday. Eight dead in Spain's Majorca flash flooding At least eight people have died, including two British nationals, and several others are missing in flash floods on the Spanish holiday island of Majorca, authorities and emergency services said Wednesday.

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017.

Vitor Gasper, International Monetary Fund (IMF) Director of Fiscal Affairs Department, said India's debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP).

In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, the debt of China was 247 per cent of the GDP.

"So, it (India's debt) is substantially less than the global debt as the percentage of world GDP," Gasper told PTI.

India's debt is below the average of advanced economies and below the average of emerging market economies, he said.

"There is a positive relationship between the debt to GDP ratio and the level of GDP per capita. If you compare around the world with the best economies or emerging market economies, the level of debt in India is lower," the top IMF official said.

The IMF is very much stressing that global debt at USD 182 trillion in 2017 is at a new record high, he said.

Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added.

"If you look at emerging market economies, that includes India, you see that private debt in the last 10 years has increased quite substantially, although in the last two years, since the end of 2015, 2016 and 2017, there is a slowdown in the process of leveraging, but debt is very high and public debt is very high as well," Gasper said.

In the last few years in India private debt has declined from almost 60 per cent to 54.5.

"So, it's very stable. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, But India is basically steady. So, India is not an emerging market economy where leveraging is progressing fast," Gasper said.

According to Gasper, in emerging market economies private debt has risen much faster than public debt.

"Take China, for example. Total debt is 247 per cent of the GDP. But the dividing line between what is public and private debt in China is blurry. This blurriness reflects the very large number of public units and corporations, the complex layers of government, and widespread subnational off-budget borrowing," he said.

"As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlook show it at 47 per cent of GDP, and the 'augmented' debt measure, which includes more off-budget borrowing by local governments, stands at 68 per cent of GDP," he said.

As China works to compile a full general government balance sheet, this picture will come into clearer focus, he added.

Gasper said China had substantial government assets, reflecting years of high infrastructure investment.

These assets are larger than its liabilities, putting net worth, the difference between assets and liabilities, well above 100 per cent of the GDP, the highest among emerging economies, he said.

"This is a significant buffer when compared to total debts of public corporations, particularly considering that public corporations also have assets. So, while debt-related risks in China are large, there are also buffers. Moreover, the government is taking steps to contain risks by reining in off-budget borrowing and strengthening oversight, resulting in a slowdown in the buildup of debt," he said.&nbsp;

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017.

India's debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017. Vitor Gasper, International Monetary Fund (IMF) Director of Fiscal Affairs Department, said India's debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP). In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, the debt of China was 247 per cent of the GDP. "So, it (India's debt) is substantially less than the global debt as the percentage of world GDP," Gasper told PTI. India's debt is below the average of advanced economies and below the average of emerging market economies, he said. "There is a positive relationship between the debt to GDP ratio and the level of GDP per capita. If you compare around the world with the best economies or emerging market economies, the level of debt in India is lower," the top IMF official said. The IMF is very much stressing that global debt at USD 182 trillion in 2017 is at a new record high, he said. Debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging, he added. "If you look at emerging market economies, that includes India, you see that private debt in the last 10 years has increased quite substantially, although in the last two years, since the end of 2015, 2016 and 2017, there is a slowdown in the process of leveraging, but debt is very high and public debt is very high as well," Gasper said. In the last few years in India private debt has declined from almost 60 per cent to 54.5. "So, it's very stable. So, what you do see is that emerging market economies, which is where India is, there's a very fast buildup in private debt with a slowdown in the last two years, But India is basically steady. So, India is not an emerging market economy where leveraging is progressing fast," Gasper said. According to Gasper, in emerging market economies private debt has risen much faster than public debt. "Take China, for example. Total debt is 247 per cent of the GDP. But the dividing line between what is public and private debt in China is blurry. This blurriness reflects the very large number of public units and corporations, the complex layers of government, and widespread subnational off-budget borrowing," he said. "As a result, estimates of 2017 public debt vary considerably: the official government debt figure is 37 per cent of GDP, while the data reported in the latest World Economic Outlook show it at 47 per cent of GDP, and the 'augmented' debt measure, which includes more off-budget borrowing by local governments, stands at 68 per cent of GDP," he said. As China works to compile a full general government balance sheet, this picture will come into clearer focus, he added. Gasper said China had substantial government assets, reflecting years of high infrastructure investment. These assets are larger than its liabilities, putting net worth, the difference between assets and liabilities, well above 100 per cent of the GDP, the highest among emerging economies, he said. "This is a significant buffer when compared to total debts of public corporations, particularly considering that public corporations also have assets. So, while debt-related risks in China are large, there are also buffers. Moreover, the government is taking steps to contain risks by reining in off-budget borrowing and strengthening oversight, resulting in a slowdown in the buildup of debt," he said.

India's debt lower than best, emerging market economies: IMF

Pakistan has not yet formally approached the International Monetary Fund for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF's chief economist said on Tuesday.

Addressing a news conference at the IMF and World Bank annual meetings in Bali, the IMF's Maurice Obstfeld cautioned that increased Chinese involvement in Pakistan's economy could bring both benefits and risks.

Obstfeld said Pakistan is facing financing gaps as it has been hit by a large fiscal and current account deficit, a low level of reserves and a currency he described as "too rigid" and over-valued.

Pakistan's Finance Ministry Asad Umar said on Monday the government would seek to open talks with the IMF in Bali this week for emergency financial assistance.

New Prime Minister Imran Khan had earlier sought alternatives to a second bailout program in five years from the IMF as it imposes austerity and limits his vision of an Islamic welfare state.

Obstfeld said that if the IMF does enter into talks with Pakistan this week on a possible new financing program, the goal would be reforms that would help Pakistan reach its "immense potential" without providing specific details.

"The government has expressed its desires to enact deep structural reforms that might break the cycle of Pakistan needing financial support from the Fund," he said.

Infrastructure needs

Pakistan needs more infrastructure development, Obstfeld added, and the country could benefit from China's role in supporting its project financing.

But China's involvement could also bring potential risks, he said.

"It is important that the design of the projects... be solid and excessive debts which cannot be repaid are avoided," the IMF chief economist said.

Islamabad has cut the size of the biggest Chinese "Silk Road" project in Pakistan, a reconstruction of the main rail line between the port city of Karachi and Peshawar in the northwest by $2 billion, citing government concerns about the country's debt levels.

The changes are part of Islamabad's efforts to rethink key Belt and Road Initiative projects in Pakistan, to which China has pledged about $60 billion in financing.

The Trump administration has been critical of China's Belt and Road initiative, saying that it has saddled some developing countries with debts they cannot afford to repay. In July, U.S. Secretary of State Mike Pompeo said there was "no rationale" for an IMF bailout of Pakistan that pays off Chinese loans to Pakistan.

Chinese officials have rejected criticism that the so-called China-Pakistan Economic Corridor projects have burdened Pakistan with unsustainable debts. Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

Pakistan has not yet formally approached the International Monetary Fund for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF's chief economist said on Tuesday.

Pakistan has not yet formally approached the International Monetary Fund for financial assistance, but if bailout talks get underway this week, the goal will be to help Pakistan reach its full potential, the IMF's chief economist said on Tuesday. Addressing a news conference at the IMF and World Bank annual meetings in Bali, the IMF's Maurice Obstfeld cautioned that increased Chinese involvement in Pakistan's economy could bring both benefits and risks. Obstfeld said Pakistan is facing financing gaps as it has been hit by a large fiscal and current account deficit, a low level of reserves and a currency he described as "too rigid" and over-valued. Pakistan's Finance Ministry Asad Umar said on Monday the government would seek to open talks with the IMF in Bali this week for emergency financial assistance. New Prime Minister Imran Khan had earlier sought alternatives to a second bailout program in five years from the IMF as it imposes austerity and limits his vision of an Islamic welfare state. Obstfeld said that if the IMF does enter into talks with Pakistan this week on a possible new financing program, the goal would be reforms that would help Pakistan reach its "immense potential" without providing specific details. "The government has expressed its desires to enact deep structural reforms that might break the cycle of Pakistan needing financial support from the Fund," he said. Infrastructure needs Pakistan needs more infrastructure development, Obstfeld added, and the country could benefit from China's role in supporting its project financing. But China's involvement could also bring potential risks, he said. "It is important that the design of the projects... be solid and excessive debts which cannot be repaid are avoided," the IMF chief economist said. Islamabad has cut the size of the biggest Chinese "Silk Road" project in Pakistan, a reconstruction of the main rail line between the port city of Karachi and Peshawar in the northwest by $2 billion, citing government concerns about the country's debt levels. The changes are part of Islamabad's efforts to rethink key Belt and Road Initiative projects in Pakistan, to which China has pledged about $60 billion in financing. The Trump administration has been critical of China's Belt and Road initiative, saying that it has saddled some developing countries with debts they cannot afford to repay. In July, U.S. Secretary of State Mike Pompeo said there was "no rationale" for an IMF bailout of Pakistan that pays off Chinese loans to Pakistan. Chinese officials have rejected criticism that the so-called China-Pakistan Economic Corridor projects have burdened Pakistan with unsustainable debts. Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs.

IMF says not yet approached by Pakistan for financial assistance

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An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations.

Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession.

 
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Full-blown US-China trade war will slow global growth by less than 1%: IMF An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

Full-blown US-China trade war will slow global growth by less than 1%: IMF An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund. In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations. Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession. Google+ to shut down after data of at least 500,000 users exposed Alphabet Inc's Google will shut down the consumer version of its failed social network Google+ and tighten its data sharing policies after announcing on Monday that private profile data of at least 500,000 users may have been exposed to hundreds of external developers. The issue was discovered and patched in March as part of a review of how Google shares data with other applications, Google said in a blog post. No developer exploited the vulnerability or misused data, the review found. Trump apologises to Kavanaugh, says he is innocent of sexual assault charges US Supreme Court Justice Brett Kavanaugh sought to put a bruising confirmation battle behind him on Monday at a White House ceremony in which President Donald Trump declared him innocent of sexual misconduct and apologised for the heated process. "On behalf of our nation, I want to apologise to Brett and the entire Kavanaugh family for the terrible pain and suffering you have been forced to endure," Trump said at the start of a ceremonial swearing-in in the East Room of the White House. "Those who step forward to serve our country deserve a fair and dignified evaluation, not a campaign of political and personal destruction based on lies and deception," he said. Jeremy Lalrinnunga wins India's first Youth Olympics gold Weightlifter Jeremy Lalrinnunga notched up India's maiden gold medal at the Youth Olympics, claiming the top honours in the men's 62 kg category here. The 15-year-old from Aizwal, who is also a world youth silver-medallist, lifted a total of 274 kg (124 kg +150 kg) to finish on top in the Argentine capital on Monday night. Trump says he likes Taylor Swift's music 'about 25% less' after she endorses Democrats US President Donald Trump has said he likes Taylor Swift's music "about 25 per cent less" after the pop superstar endorsed the Democrats running for office in Tennessee in the upcoming US midterm elections. Tennessee is Swift's home state. Swift backed Phil Bredesen and Jim Cooper, who are running for the Senate and the House of Representatives. She also launched a fierce attack on Bredesen's opponent, the Republican Marsha Blackburn, who currently serves in the House. Swift made her comments on Sunday on Instagram.

In first big confirmation on the bailout package to Islamabad, the International Monetary Fund(IMF) has told WION that it "understands" that Pakistan "intends to approach it".

Though Pakistan has not still approached IMF for the bailout package, the Pakistani finance minister Asad Umar has said that the country will be going forward with it.

<a href="http://www.wionews.com/south-asia/pakistani-rupee-dives-8-as-imf-bailout-talks-loom-170378">Also Read:&nbsp;Pakistani rupee dives 8% as IMF bailout talks loom</a>

The IMF spokesperson told WION,"We have not yet received a formal request for a program from Pakistan’s authorities. However, we understand that Pakistan intends to approach the IMF for support."

The IMF also assured that, "once we receive a formal request, the IMF will consider it as it does for other members of the IMF.”

A month ago when WION had asked IMF this question, the multilateral organisation had said "it has not received a request for financial support for Pakistan."

Approaching the IMF is considered as a U-turn by the new Imran Khan government since before the elections, Khan has been saying that he will go with a "begging bowl" to solve the economic issues his country is facing. Pakistan's economy is facing a massive economic crisis especially balance to payment issues.&nbsp;

Pakistan's Finance Minister Asad Umar on Monday had said,"it was decided that we should start talks with the IMF for such a stabilisation, recovery programme on which basis we could overcome this financial crisis".

Many have linked the current debt crisis with China lead infrastructure project - China Pakistan Economic corridor(CPEC) which has caused many debt-linked issues in several countries including in South Asia in Sri Lanka.

The "Debt Trap Diplomacy" by China has been slammed by US. Earlier this year, US secretary of state Mike Pompeo had said that US will be watching what "IMF does" and "there is no rationale for IMF TAX dollars for those to go to bail out Chinese bondholders"

If IMF agrees to the bailout package, it will be second bailout package in 5 years and 13th in last three decades. Reports suggest Pakistan plans to approach for $12 billion&nbsp;bailout package from the IMF.&nbsp;

In first big confirmation on the bailout package to Islamabad, the International Monetary Fund(IMF) has told WION that it "understands" that Pakistan "intends to approach it".

In first big confirmation on the bailout package to Islamabad, the International Monetary Fund(IMF) has told WION that it "understands" that Pakistan "intends to approach it". Though Pakistan has not still approached IMF for the bailout package, the Pakistani finance minister Asad Umar has said that the country will be going forward with it. Also Read: Pakistani rupee dives 8% as IMF bailout talks loom The IMF spokesperson told WION,"We have not yet received a formal request for a program from Pakistan’s authorities. However, we understand that Pakistan intends to approach the IMF for support." The IMF also assured that, "once we receive a formal request, the IMF will consider it as it does for other members of the IMF.” A month ago when WION had asked IMF this question, the multilateral organisation had said "it has not received a request for financial support for Pakistan." Approaching the IMF is considered as a U-turn by the new Imran Khan government since before the elections, Khan has been saying that he will go with a "begging bowl" to solve the economic issues his country is facing. Pakistan's economy is facing a massive economic crisis especially balance to payment issues. Pakistan's Finance Minister Asad Umar on Monday had said,"it was decided that we should start talks with the IMF for such a stabilisation, recovery programme on which basis we could overcome this financial crisis". Many have linked the current debt crisis with China lead infrastructure project - China Pakistan Economic corridor(CPEC) which has caused many debt-linked issues in several countries including in South Asia in Sri Lanka. The "Debt Trap Diplomacy" by China has been slammed by US. Earlier this year, US secretary of state Mike Pompeo had said that US will be watching what "IMF does" and "there is no rationale for IMF TAX dollars for those to go to bail out Chinese bondholders" If IMF agrees to the bailout package, it will be second bailout package in 5 years and 13th in last three decades. Reports suggest Pakistan plans to approach for $12 billion bailout package from the IMF.

Pakistan intends to approach US for bailout, confirms IMF

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations.

Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession.

The IMF's baseline forecast for the global economy is 3.7 percent growth in 2018, 2019 and 2020.

At the worst, which includes Trump pushing through with tariffs on all Chinese goods and on imports of cars and car parts that spark a round of reprisals, as well as denting confidence and provoking a negative market reaction, the impact would be less than one percentage point on global growth.

Thus the expansion of the global economy would be reduced to around 2.9 percent both next year and in 2020.

The near-term impact of a full-fledged trade war on growth in China will be nearly double that of the United States, according to the IMF's estimates.

With a 1.6 percentage point drop in growth in 2019, the expansion in China would slow from 6.2 percent in the baseline forecast to 4.6 percent, according to an IMF table.

Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5 percent next year to 1.6 percent.

The IMF only published country forecasts through 2019.

Japan would see its 2019 growth rate more than halved, from 0.9 percent to 0.4 percent, under the worst case scenario.

The eurozone would see its growth rate drop from 1.9 percent to 1.5 percent.

Over the medium term, both the China and the United States would see a 0.6 percentage point impact on their economies.

For Japan it would be around 0.4 percentage points and 0.2 for the eurozone.

Over the longer term the impact to the US economy will be nearly one percentage point, while to China it will be half that.&nbsp;

While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems.&nbsp;

Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services.

For the eurozone, slow growth means less reductions in high unemployment rates in several countries and difficulty keeping on top of high debt levels, while Japan needs growth to ward off dangerous deflation.

The United States has already imposed tariffs on $250 billion of Chinese imports, about half the annual total, and has threatened to slap levies on the full amount.

Washington has also imposed tariffs on steel and aluminium, citing national security concerns, and has also warned it could impose a 25 percent levy on imported cars and car parts.

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund.

An all-out trade war would slow the growth of the global economy, but not stop its expansion, with the United States and China also escaping a recession, according to forecasts published Tuesday by the International Monetary Fund. In its latest World Economic Outlook report, the IMF conducted a series of calculations of the impact from the trade tariffs that the administration of US President Donald Trump has already implemented and has threatened to impose, as well as reprisals from China and other nations. Yet, even in its worst-case scenario, the IMF found that the disruption won't kill off growth and drag the global economy into recession. The IMF's baseline forecast for the global economy is 3.7 percent growth in 2018, 2019 and 2020. At the worst, which includes Trump pushing through with tariffs on all Chinese goods and on imports of cars and car parts that spark a round of reprisals, as well as denting confidence and provoking a negative market reaction, the impact would be less than one percentage point on global growth. Thus the expansion of the global economy would be reduced to around 2.9 percent both next year and in 2020. The near-term impact of a full-fledged trade war on growth in China will be nearly double that of the United States, according to the IMF's estimates. With a 1.6 percentage point drop in growth in 2019, the expansion in China would slow from 6.2 percent in the baseline forecast to 4.6 percent, according to an IMF table. Meanwhile, the United States would see a roughly 0.9 percentage point hit, damping growth from 2.5 percent next year to 1.6 percent. The IMF only published country forecasts through 2019. Japan would see its 2019 growth rate more than halved, from 0.9 percent to 0.4 percent, under the worst case scenario. The eurozone would see its growth rate drop from 1.9 percent to 1.5 percent. Over the medium term, both the China and the United States would see a 0.6 percentage point impact on their economies. For Japan it would be around 0.4 percentage points and 0.2 for the eurozone. Over the longer term the impact to the US economy will be nearly one percentage point, while to China it will be half that. While the damage from an all-out trade war wouldn't be catastrophic, slow growth can also pose problems. Growth of less than five percent would be unprecedented for China since it began its economic reforms in the 1970s, and complicate its efforts to move towards a more balanced economy with a greater role for services. For the eurozone, slow growth means less reductions in high unemployment rates in several countries and difficulty keeping on top of high debt levels, while Japan needs growth to ward off dangerous deflation. The United States has already imposed tariffs on $250 billion of Chinese imports, about half the annual total, and has threatened to slap levies on the full amount. Washington has also imposed tariffs on steel and aluminium, citing national security concerns, and has also warned it could impose a 25 percent levy on imported cars and car parts.

Full-blown US-China trade war will slow global growth by less than 1%: IMF

As the Trump administration turns the heat on China in the trade war, the International Monetary Fund(IMF) cut China's growth citing "negative effect of recent tariff actions".

<a href="http://13.232.42.114/business-economy/full-blown-us-china-trade-war-will-slow-global-growth-by-less-than-1-imf-170313">Also Read:&nbsp;Full-blown US-China trade war will slow global growth by less than 1%, says&nbsp;IMF</a>

The IMF said China will grow at &nbsp;6.2 per cent next year, down from an early forecast of 6.4 per cent. It is the slowest growth rate forecast for the Chinese republic since 1990.

"The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response," the IMF said.

The IMF added that China was navigating a "difficult trade-off between growth and stability". The IMF had earlier forecast 6.6 per cent growth for the Communist regime this year. China's economy grew 6.9 per cent last year.

President Trump has threatened to impose tariffs on all Chinese goods entering the US, a scenario which the IMF said would have a severe impact on the Chinese economy.

The Monetary Fund further cautioned that China's growth could fall by as much as a full percentage point or more by 2019 if the "worst-case" scenario materialises, involving more tariffs by the US, a Chinese counter-response and collapse in business confidence.

Growth is expected to "remain strong elsewhere in emerging and developing Asia", the IMF said, forecasting India's growth to increase to 7.3 per cent this year and 7.4 per cent nex year. However, it said that trade uncertainty would impact the ASEAN-5 - Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

The International fund set a 5.3 per cent growth forecast for the Southeast countries this year, but lowered it to 5.2 per cent next year.

As the Trump administration turns the heat on China in the trade war, the International Monetary Fund(IMF) cut China's growth citing "negative effect of recent tariff actions".

As the Trump administration turns the heat on China in the trade war, the International Monetary Fund(IMF) cut China's growth citing "negative effect of recent tariff actions". Also Read: Full-blown US-China trade war will slow global growth by less than 1%, says IMF The IMF said China will grow at 6.2 per cent next year, down from an early forecast of 6.4 per cent. It is the slowest growth rate forecast for the Chinese republic since 1990. "The forecast does not incorporate the impact of further tariffs on Chinese and other imports threatened by the United States, but not yet implemented, due to uncertainty about their exact magnitude, timing, and potential retaliatory response," the IMF said. The IMF added that China was navigating a "difficult trade-off between growth and stability". The IMF had earlier forecast 6.6 per cent growth for the Communist regime this year. China's economy grew 6.9 per cent last year. President Trump has threatened to impose tariffs on all Chinese goods entering the US, a scenario which the IMF said would have a severe impact on the Chinese economy. The Monetary Fund further cautioned that China's growth could fall by as much as a full percentage point or more by 2019 if the "worst-case" scenario materialises, involving more tariffs by the US, a Chinese counter-response and collapse in business confidence. Growth is expected to "remain strong elsewhere in emerging and developing Asia", the IMF said, forecasting India's growth to increase to 7.3 per cent this year and 7.4 per cent nex year. However, it said that trade uncertainty would impact the ASEAN-5 - Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The International fund set a 5.3 per cent growth forecast for the Southeast countries this year, but lowered it to 5.2 per cent next year.

IMF cuts China's growth rate on 'negative effect of tariff actions'

The Pakistani rupee plunged about 8 per cent in early trading on Tuesday in an apparent devaluation by the central bank, market participants said, a day after the new government said it would seek an International Monetary Fund (IMF) bailout.

The rupee tumbled to about 134 per dollar by 1030 local time (0530GMT) on Tuesday after closing at 124.26 on Monday.

"The central bank has given an indication to let the rupee go with market forces," said one market participant at a brokerage. A second market participant confirmed that the central bank is keeping out of the market, effectively letting the currency drop in a de facto devaluation.

The State Bank of Pakistan (SBP) runs what is widely seen as a managed float, though its official stance is that the currency is freely traded.

"The market is aware of the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently," Abid Qamar, the SBP spokesman, told Reuters.

The latest step by the central bank marked the fifth de facto devaluation since December, which has seen the rupee lose over 26 per cent of its value, and is in line with the decision to seek IMF support to avoid a balance of payments crisis.

The Pakistani rupee plunged about 8 per cent in early trading on Tuesday in an apparent devaluation by the central bank, market participants said, a day after the new government said it would seek an International Monetary Fund (IMF) bailout.

The Pakistani rupee plunged about 8 per cent in early trading on Tuesday in an apparent devaluation by the central bank, market participants said, a day after the new government said it would seek an International Monetary Fund (IMF) bailout. The rupee tumbled to about 134 per dollar by 1030 local time (0530GMT) on Tuesday after closing at 124.26 on Monday. "The central bank has given an indication to let the rupee go with market forces," said one market participant at a brokerage. A second market participant confirmed that the central bank is keeping out of the market, effectively letting the currency drop in a de facto devaluation. The State Bank of Pakistan (SBP) runs what is widely seen as a managed float, though its official stance is that the currency is freely traded. "The market is aware of the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently," Abid Qamar, the SBP spokesman, told Reuters. The latest step by the central bank marked the fifth de facto devaluation since December, which has seen the rupee lose over 26 per cent of its value, and is in line with the decision to seek IMF support to avoid a balance of payments crisis.

Pakistani rupee dives 8% as IMF bailout talks loom

Pakistan's new government has decided to open talks on financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday.

"Today, it was decided that we should start talks with IMF” Finance Minister Asad Umar told GEO TV in an interview on Monday night.

He said the talks would be held "so that such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis".

The country's foreign currency reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year.

Pakistan's new government has decided to open talks on financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday.

Pakistan's new government has decided to open talks on financial assistance with the International Monetary Fund amid a mounting balance of payments crisis, the finance minister told local television on Monday. "Today, it was decided that we should start talks with IMF” Finance Minister Asad Umar told GEO TV in an interview on Monday night. He said the talks would be held "so that such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis". The country's foreign currency reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year.

Pak's Imran Khan government to hold talks with IMF for financial assistance

Prime Minister Imran Khan said on Sunday that Pakistan might need to return to the International Monetary Fund to address its mounting balance of payments crisis but would seek funding from friendly countries first.

Khan, who took office in August, blamed Pakistan's economic woes on the previous government and repeated a promise to recover billions of dollars he says corrupt officials have stashed abroad.

He has been reluctant to ask the IMF for emergency loans that would be the country's second bailout in five years.

But foreign reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year. The weekly fall was the sharpest in years.

"We may go to IMF for loan to handle the country's financial issues," Khan told reporters. "But, first we will try to get assistance from other countries as we have requested three countries to deposit money in Pakistan's State Bank that would help boost national reserves."

He did not name the countries or provide any details of the requests.

The IMF concluded a consultative visit last week with a warning that Pakistan needed to quickly secure "significant external financing" to stave off a crisis, though it did not suggest who could supply the money.

Any IMF bailout would likely include conditions to curb government spending, threatening Khan's campaign promise to build an Islamic welfare state.

Finance Minister Asad Umar has said foreign reserves need to be boosted by at least $8 billion, but since the July election, none of Pakistan's allies including China and Saudi Arabia have offered emergency assistance despite high-level visits of officials from both nations.

Khan blamed the previous government for the economic situation.

"Pakistan is suffering huge internal and external debt ... caused by corruption of the former rulers," he said.

Pakistan's anti-corruption agency arrested opposition leader Shehbaz Sharif on Friday on charges he took bribes to improperly award a low-cost housing contract while he was governor of Punjab province.

Sharif is the brother of ex-Prime Minister Nawaz Sharif, who was removed by the Supreme Court last year and in June was sentenced to 10 years in prison by an anti-corruption court.

Both Sharifs deny wrongdoing, calling the cases politically motivated.

Commenting on Shehbaz Sharif's jailing, Khan said on Sunday: "He should have been arrested months ago".

Prime Minister Imran Khan said on Sunday that Pakistan might need to return to the International Monetary Fund to address its mounting balance of payments crisis but would seek funding from friendly countries first.

Prime Minister Imran Khan said on Sunday that Pakistan might need to return to the International Monetary Fund to address its mounting balance of payments crisis but would seek funding from friendly countries first. Khan, who took office in August, blamed Pakistan's economic woes on the previous government and repeated a promise to recover billions of dollars he says corrupt officials have stashed abroad. He has been reluctant to ask the IMF for emergency loans that would be the country's second bailout in five years. But foreign reserves dropped by $627 million in late September to $8.4 billion, barely enough to cover sovereign debt payments due through the end of the year. The weekly fall was the sharpest in years. "We may go to IMF for loan to handle the country's financial issues," Khan told reporters. "But, first we will try to get assistance from other countries as we have requested three countries to deposit money in Pakistan's State Bank that would help boost national reserves." He did not name the countries or provide any details of the requests. The IMF concluded a consultative visit last week with a warning that Pakistan needed to quickly secure "significant external financing" to stave off a crisis, though it did not suggest who could supply the money. Any IMF bailout would likely include conditions to curb government spending, threatening Khan's campaign promise to build an Islamic welfare state. Finance Minister Asad Umar has said foreign reserves need to be boosted by at least $8 billion, but since the July election, none of Pakistan's allies including China and Saudi Arabia have offered emergency assistance despite high-level visits of officials from both nations. Khan blamed the previous government for the economic situation. "Pakistan is suffering huge internal and external debt ... caused by corruption of the former rulers," he said. Pakistan's anti-corruption agency arrested opposition leader Shehbaz Sharif on Friday on charges he took bribes to improperly award a low-cost housing contract while he was governor of Punjab province. Sharif is the brother of ex-Prime Minister Nawaz Sharif, who was removed by the Supreme Court last year and in June was sentenced to 10 years in prison by an anti-corruption court. Both Sharifs deny wrongdoing, calling the cases politically motivated. Commenting on Shehbaz Sharif's jailing, Khan said on Sunday: "He should have been arrested months ago".

Imran Khan says Pakistan may go to IMF to address balance of payments crisis

The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal.

Former cricketer Imran Khan’s new administration had vowed to decide by the end of September if it would seek an IMF bailout to shore up the economy as it faces a balance-of-payments crisis and dwindling reserves.

However, it has yet to announce a deal as its seeks other arenas of financing and launched a highly publicised austerity drive that has included auctioning off government-owned luxury automobiles and buffaloes.

The IMF said in a statement released late Thursday that Pakistan was in need of significant external financing in the near term and recommended upping gas and power tariffs while also pushing for exchange rate “flexibility” and monetary policy tightening.

“These steps would help reduce current account pressures and improve debt sustainability,” said the fund in a statement.

But it warned that tough days may lay ahead as higher oil prices and tightening financial conditions for emerging markets will likely add to Pakistan's economic woes.&nbsp;

"In this environment, economic growth will likely slow significantly, and inflation will rise," said the IMF.&nbsp;

Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.

For months analysts have warned Khan’s new government must act quickly to stem a new current account crisis, which could undermine its currency and its ability to repay billions in debts or purchase imports.

The US, one of the IMF's biggest donors, has raised fears Pakistan could use any bailout money to repay mounting loans from China, sparking criticism from Islamabad.

Pakistan’s budget deficit has climbed steadily over the past five years, and foreign currency reserves have declined. The rupee has been repeatedly devalued in the past year, fuelling inflation.

Khan has vowed to improve trade with India, increase the ease of doing business and boost tax collection but since taking office in August is yet to roll out a comprehensive plan aimed at tackling the country’s economic fortunes.

The state of Pakistan's finances could also undermine one of Khan's most popular promises to construct an "Islamic welfare state" based on increased spending on education and health.

The IMF's warnings come days after the Asian Development Bank said Pakistan’s economy could shrink by one per cent in the current fiscal year.&nbsp;

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The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal.

The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal. Former cricketer Imran Khan’s new administration had vowed to decide by the end of September if it would seek an IMF bailout to shore up the economy as it faces a balance-of-payments crisis and dwindling reserves. However, it has yet to announce a deal as its seeks other arenas of financing and launched a highly publicised austerity drive that has included auctioning off government-owned luxury automobiles and buffaloes. The IMF said in a statement released late Thursday that Pakistan was in need of significant external financing in the near term and recommended upping gas and power tariffs while also pushing for exchange rate “flexibility” and monetary policy tightening. “These steps would help reduce current account pressures and improve debt sustainability,” said the fund in a statement. But it warned that tough days may lay ahead as higher oil prices and tightening financial conditions for emerging markets will likely add to Pakistan's economic woes. "In this environment, economic growth will likely slow significantly, and inflation will rise," said the IMF. Pakistan has gone to the IMF repeatedly since the late 1980s. The last time was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis. For months analysts have warned Khan’s new government must act quickly to stem a new current account crisis, which could undermine its currency and its ability to repay billions in debts or purchase imports. The US, one of the IMF's biggest donors, has raised fears Pakistan could use any bailout money to repay mounting loans from China, sparking criticism from Islamabad. Pakistan’s budget deficit has climbed steadily over the past five years, and foreign currency reserves have declined. The rupee has been repeatedly devalued in the past year, fuelling inflation. Khan has vowed to improve trade with India, increase the ease of doing business and boost tax collection but since taking office in August is yet to roll out a comprehensive plan aimed at tackling the country’s economic fortunes. The state of Pakistan's finances could also undermine one of Khan's most popular promises to construct an "Islamic welfare state" based on increased spending on education and health. The IMF's warnings come days after the Asian Development Bank said Pakistan’s economy could shrink by one per cent in the current fiscal year. ×

IMF calls for more action in Pakistan, but no word on bailout

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement.&nbsp;

Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported.

Born on December 8, 1971, in Kolkata, 46-year-old Gopinath went to the University of Delhi for her Bachelors and Masters degree in economics after which she went on to earn her PhD in economics from Princeton University in 2001. She also has a Masters degree in economics from the University of Washington. &nbsp;

"Her research focuses on International Finance and Macroeconomics. She is co-director of the International Finance and Macroeconomics program at the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of Boston, member of the economic advisory panel of the Federal Reserve Bank of New York, Economic Adviser to the Chief Minister of Kerala state (India), co-editor of the American Economic Review, co-editor of the current Handbook of International Economics and was managing editor of the Review of Economic Studies," her profile reads on Harvard University's official website.

Gopinath also served as a member of the Eminent Persons Advisory Group on G-20 Matters for India's Ministry of Finance. In 2018 she was elected a fellow of the American Academy of Arts and Sciences. In 2014, she was named one of the top 25 economists under 45 by the IMF and she was chosen as a Young Global Leader by the World Economic Forum in 2011.&nbsp;

She also served as the Economic Adviser to Chief Minister of Kerala State, India.

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IMF Managing Director Christine <a href="https://twitter.com/Lagarde?ref_src=twsrc%5Etfw">@Lagarde</a> appoints Harvard’s Gita Gopinath as IMF Chief Economist, replacing Maury Obstfeld who will retire from IMF in December. <a href="https://t.co/M6UV5qH714">https://t.co/M6UV5qH714</a> <a href="https://t.co/k16ztkYIwi">pic.twitter.com/k16ztkYIwi</a>
— IMF (@IMFNews) <a href="https://twitter.com/IMFNews/status/1046763072067698688?ref_src=twsrc%5Etfw">October 1, 2018</a></blockquote>
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At present, Gopinath serves as the John Zwaanstra Professor of International Studies and Economics at Harvard University.

"Gopinath is one of the world's outstanding economists, with impeccable academic credentials, a proven track record of intellectual leadership, and extensive international experience," IMF Managing Director Christine Lagarde said.

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement. Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported.

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement. Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported. Born on December 8, 1971, in Kolkata, 46-year-old Gopinath went to the University of Delhi for her Bachelors and Masters degree in economics after which she went on to earn her PhD in economics from Princeton University in 2001. She also has a Masters degree in economics from the University of Washington. "Her research focuses on International Finance and Macroeconomics. She is co-director of the International Finance and Macroeconomics program at the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of Boston, member of the economic advisory panel of the Federal Reserve Bank of New York, Economic Adviser to the Chief Minister of Kerala state (India), co-editor of the American Economic Review, co-editor of the current Handbook of International Economics and was managing editor of the Review of Economic Studies," her profile reads on Harvard University's official website. Gopinath also served as a member of the Eminent Persons Advisory Group on G-20 Matters for India's Ministry of Finance. In 2018 she was elected a fellow of the American Academy of Arts and Sciences. In 2014, she was named one of the top 25 economists under 45 by the IMF and she was chosen as a Young Global Leader by the World Economic Forum in 2011. She also served as the Economic Adviser to Chief Minister of Kerala State, India. IMF Managing Director Christine @Lagarde appoints Harvard’s Gita Gopinath as IMF Chief Economist, replacing Maury Obstfeld who will retire from IMF in December. https://t.co/M6UV5qH714 pic.twitter.com/k16ztkYIwi — IMF (@IMFNews) October 1, 2018 × At present, Gopinath serves as the John Zwaanstra Professor of International Studies and Economics at Harvard University. "Gopinath is one of the world's outstanding economists, with impeccable academic credentials, a proven track record of intellectual leadership, and extensive international experience," IMF Managing Director Christine Lagarde said.

India-born Gita Gopinath appointed IMF chief economist

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