<a href="http://www.wionews.com/business-economy/indias-growth-very-solid-government-should-heed-rbis-message-imf-182761">India's growth very solid, </a><a href="http://www.wionews.com/business-economy/indias-growth-very-solid-government-should-heed-rbis-message-imf-182761">government</a><a href="http://www.wionews.com/business-economy/indias-growth-very-solid-government-should-heed-rbis-message-imf-182761"> should heed RBI's message: IMF</a>

It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.&nbsp;

<a href="http://www.wionews.com/sports/ind-vs-aus-bumrah-strikes-again-to-dismiss-skipper-paine-australia-1887-after-86-overs-182780">IND vs AUS: Bumrah strikes again to dismiss skipper Paine, Australia 188/7 after 86 overs</a>

Jasprit Bumrah struck again to dismiss settled Australian skipper Tim Paine at 41, with India now being just three wickets away from winning the first Test match.&nbsp;

Paine was sent back minutes after the teams resumed after lunch.&nbsp;

<a href="http://www.wionews.com/world/i-cant-breathe-were-khashoggis-final-words-report-182759">'I can't breathe' were Khashoggi's final words: Report</a>

Jamal Khashoggi's final words were "I can't breathe," CNN said Sunday, citing a source who has read the transcript of an audio tape of the final moments before the journalist's murder.

<a href="http://www.wionews.com/world/armenia-acting-pm-nikol-pashinyan-wins-in-snap-parliamentary-elections-182767">Armenia acting PM Nikol Pashinyan wins in snap parliamentary elections</a>

The electoral bloc of Armenia's acting prime minister Nikol Pashinyan won a landslide victory in Sunday's snap parliamentary elections, which were triggered by the reformist leader seeking to cement his political authority in the post-Soviet country.

<a href="http://www.wionews.com/world/thousands-protest-through-london-in-support-of-brexit-ahead-of-crucial-vote-182758">Thousands protest through London in support of Brexit ahead of crucial</a><a href="http://www.wionews.com/world/thousands-protest-through-london-in-support-of-brexit-ahead-of-crucial-vote-182758"> vote</a>

Ahead of a crucial vote on Britain's divorce deal with the European Union (EU), thousands of protesters marched through London in support of Brexit on Sunday amid tight security measures in place by Scotland Yard.

India's growth very solid, government should heed RBI's message: IMF It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.

India's growth very solid, government should heed RBI's message: IMF It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry. IND vs AUS: Bumrah strikes again to dismiss skipper Paine, Australia 188/7 after 86 overs Jasprit Bumrah struck again to dismiss settled Australian skipper Tim Paine at 41, with India now being just three wickets away from winning the first Test match. Paine was sent back minutes after the teams resumed after lunch. 'I can't breathe' were Khashoggi's final words: Report Jamal Khashoggi's final words were "I can't breathe," CNN said Sunday, citing a source who has read the transcript of an audio tape of the final moments before the journalist's murder. Armenia acting PM Nikol Pashinyan wins in snap parliamentary elections The electoral bloc of Armenia's acting prime minister Nikol Pashinyan won a landslide victory in Sunday's snap parliamentary elections, which were triggered by the reformist leader seeking to cement his political authority in the post-Soviet country. Thousands protest through London in support of Brexit ahead of crucial vote Ahead of a crucial vote on Britain's divorce deal with the European Union (EU), thousands of protesters marched through London in support of Brexit on Sunday amid tight security measures in place by Scotland Yard.

News brief: Big stories of the day

It is important for the Indian <a href="http://www.wionews.com/business-economy/rbi-to-pump-in-additional-liquidity-of-rs-40000-crore-in-december-179820">government to heed the RBI's message</a> on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.&nbsp;

Addressing a group of journalists here, he also said the <a href="http://www.wionews.com/india-news/govt-does-not-need-extra-funds-from-rbi-to-meet-fiscal-deficit-target-arun-jaitley-179162">International Monetary Fund does not</a> want politicians "manipulating" central banks for political ends.

"There is debate over whether it's better for financial stability to be the remit of the central bank or an independent regulator...The UK in 1997, split them, then put them back together again. I'm not going to take a position on that...But I think...The central bank does have to be intimately concerned with financial stability to some degree and with the payment system," he said, responding to a specific question on the recent developments in India regarding the RBI and the government.

"We need to think about what is the best institutional framework in which financial policy can be set with regard to long-term stability of the economy, not just to performance over political horizon," Obstfeld said.&nbsp;

"Well, I think they (the RBI and the Indian government) have reached an agreement on how to proceed. I think their (RBI) message that financial stability is important is correct. And it is important for the government to heed that," he added.

Responding to a series of questions on the attempt in certain countries like the US, India, Argentina and Turkey to curb independence of central banks, Obstfeld said central banks' role as a financial regulator is critical.

Central banks have "much greater power than you thought". They are fundamentally involved in financial stability policy, in fiscal policy, he said.&nbsp;

Obstfeld said if one looks at the record, the decisions taken by central banks worldwide did stabilise the economy by avoiding much worse losses in output and employment.

However, at the same time, he said, their moves also raised questions of transparency and accountability.&nbsp;

"So, it's not a shock that people raise these questions and it does create a challenge for central banks to be more transparent and to communicate more effectively with a broader public about what they are about and what they are doing," Obstfeld said.

If the central bank cannot communicate more effectively about what it is doing, then there is a possibility of political manipulation where politicians attack the central bank and undermine it, he said.&nbsp;

"Clearly, we don't want politicians manipulating the central bank for political ends," Obstfeld added.&nbsp;

After serving as IMF's chief economist for more than three years, 66-year-old Obstfeld is set to retire this month-end and will return to the University of California, Berkley. Gita Gopinath, Indian American economist from the Harvard University, would replace him from the first week of January. &nbsp;

India's growth has been "very solid" over the past four years, IMF's chief economist Maurice Obstfeld added, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government.

"India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code...A lot of what they have done on financial inclusion has been really important," Obstfeld told a group of journalists here.

He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. 
&nbsp; 
"There is a big challenge of stricter, oversight," the economist said.

Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in banking system.&nbsp;

"But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India," he said.

It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry.

It is important for the Indian government to heed the RBI's message on financial stability, IMF's Chief Economist Maurice Obstfeld said, amid reports of friction between the central bank and the finance ministry. Addressing a group of journalists here, he also said the International Monetary Fund does not want politicians "manipulating" central banks for political ends. "There is debate over whether it's better for financial stability to be the remit of the central bank or an independent regulator...The UK in 1997, split them, then put them back together again. I'm not going to take a position on that...But I think...The central bank does have to be intimately concerned with financial stability to some degree and with the payment system," he said, responding to a specific question on the recent developments in India regarding the RBI and the government. "We need to think about what is the best institutional framework in which financial policy can be set with regard to long-term stability of the economy, not just to performance over political horizon," Obstfeld said. "Well, I think they (the RBI and the Indian government) have reached an agreement on how to proceed. I think their (RBI) message that financial stability is important is correct. And it is important for the government to heed that," he added. Responding to a series of questions on the attempt in certain countries like the US, India, Argentina and Turkey to curb independence of central banks, Obstfeld said central banks' role as a financial regulator is critical. Central banks have "much greater power than you thought". They are fundamentally involved in financial stability policy, in fiscal policy, he said. Obstfeld said if one looks at the record, the decisions taken by central banks worldwide did stabilise the economy by avoiding much worse losses in output and employment. However, at the same time, he said, their moves also raised questions of transparency and accountability. "So, it's not a shock that people raise these questions and it does create a challenge for central banks to be more transparent and to communicate more effectively with a broader public about what they are about and what they are doing," Obstfeld said. If the central bank cannot communicate more effectively about what it is doing, then there is a possibility of political manipulation where politicians attack the central bank and undermine it, he said. "Clearly, we don't want politicians manipulating the central bank for political ends," Obstfeld added. After serving as IMF's chief economist for more than three years, 66-year-old Obstfeld is set to retire this month-end and will return to the University of California, Berkley. Gita Gopinath, Indian American economist from the Harvard University, would replace him from the first week of January. India's growth has been "very solid" over the past four years, IMF's chief economist Maurice Obstfeld added, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government. "India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code...A lot of what they have done on financial inclusion has been really important," Obstfeld told a group of journalists here. He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. "There is a big challenge of stricter, oversight," the economist said. Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in banking system. "But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India," he said.

India's growth very solid, government should heed RBI's message: IMF

Countries that <a href="http://www.wionews.com/world/g20-opens-under-assault-from-trump-on-collective-action-180345">go it alone</a> and fail to adapt to new economic realities could face a "dystopian" future where an angry majority is left behind, IMF chief Christine Lagarde warned Tuesday.

She urged world leaders to remember the lesson of the global recession that followed the 2008 financial crisis: "International cooperation is essential, not optional."

The managing director of the Washington-based global crisis lender issued yet another plea to governments, notably the United States, to back away from protectionism and confrontation.

At a time when US President Donald Trump is engaged in global trade conflict that the IMF says puts world economic growth at risk, Lagarde said she is pleased by the "significant progress" over the weekend to defuse the US-China trade dispute.

But asked about the sharp decline in US stock markets -- which fell more than three percent due to concerns over the trade war and the impact on the economy -- Lagarde urged patience.

"Compared to what we've gone through it's progress," she said.

Lagarde delivered her message about the need for global economic cooperation wrapped in praise for the key leadership role the US plays in the world.

In the economic prosperity that followed World War II, "We learned from the past, got creative, and changed for the better," she said in a lecture at the US Library of Congress.

"None of this would have been possible without the United States. This country challenged the international economic order when it needed challenging. It forged compromise when compromise was necessary."

And it was in the US interest to take a leading role because "a stronger and more stable world paid dividends for the US," she said.

"This success did not come at the expense of other nations," Lagarde said. "On the contrary. This country's collaborative leadership paved the way not only for decades of opportunity here in America, but also for growth that spread across the world."

That contrasts sharply with Trump's "America First" rhetoric and his view of trade as a zero-sum game in which imports equate to countries taking money out of the country.

Anger and anxiety 
Policies like that could lead to an "age of anger," where inequality soars and millions are left behind, Lagarde cautioned.

Much of the anger erupting worldwide and the economic anxiety "is a legacy of the crisis," she said in response to a question.

In Britain, it was channeled into fear of foreigners and led to Brexit, but she said there is "more regret in the UK than there was only six months ago," as the consequences of leaving the European Union become apparent.

To avoid the "dystopian scenario," countries must adapt, improving cooperation among governments, to strengthen oversight, reduce corruption and reform tax collection. That will free up resources to improve infrastructure and education.

That also means fixing the trading system to reduce tensions, including getting rid of subsidies and protecting technology -- issues Trump has complained about.

The rapidly changing global economy offers "a fundamental choice: stand still and watch discord and discontent bubble over into conflict, or move forward," Lagarde said.

"Because more than ever before, what happens in one nation can impact all nations."

Countries that go it alone and fail to adapt to new economic realities could face a "dystopian" future where an angry majority is left behind, IMF chief Christine Lagarde warned Tuesday.

Countries that go it alone and fail to adapt to new economic realities could face a "dystopian" future where an angry majority is left behind, IMF chief Christine Lagarde warned Tuesday. She urged world leaders to remember the lesson of the global recession that followed the 2008 financial crisis: "International cooperation is essential, not optional." The managing director of the Washington-based global crisis lender issued yet another plea to governments, notably the United States, to back away from protectionism and confrontation. At a time when US President Donald Trump is engaged in global trade conflict that the IMF says puts world economic growth at risk, Lagarde said she is pleased by the "significant progress" over the weekend to defuse the US-China trade dispute. But asked about the sharp decline in US stock markets -- which fell more than three percent due to concerns over the trade war and the impact on the economy -- Lagarde urged patience. "Compared to what we've gone through it's progress," she said. Lagarde delivered her message about the need for global economic cooperation wrapped in praise for the key leadership role the US plays in the world. In the economic prosperity that followed World War II, "We learned from the past, got creative, and changed for the better," she said in a lecture at the US Library of Congress. "None of this would have been possible without the United States. This country challenged the international economic order when it needed challenging. It forged compromise when compromise was necessary." And it was in the US interest to take a leading role because "a stronger and more stable world paid dividends for the US," she said. "This success did not come at the expense of other nations," Lagarde said. "On the contrary. This country's collaborative leadership paved the way not only for decades of opportunity here in America, but also for growth that spread across the world." That contrasts sharply with Trump's "America First" rhetoric and his view of trade as a zero-sum game in which imports equate to countries taking money out of the country. Anger and anxiety Policies like that could lead to an "age of anger," where inequality soars and millions are left behind, Lagarde cautioned. Much of the anger erupting worldwide and the economic anxiety "is a legacy of the crisis," she said in response to a question. In Britain, it was channeled into fear of foreigners and led to Brexit, but she said there is "more regret in the UK than there was only six months ago," as the consequences of leaving the European Union become apparent. To avoid the "dystopian scenario," countries must adapt, improving cooperation among governments, to strengthen oversight, reduce corruption and reform tax collection. That will free up resources to improve infrastructure and education. That also means fixing the trading system to reduce tensions, including getting rid of subsidies and protecting technology -- issues Trump has complained about. The rapidly changing global economy offers "a fundamental choice: stand still and watch discord and discontent bubble over into conflict, or move forward," Lagarde said. "Because more than ever before, what happens in one nation can impact all nations."

America First: IMF's Lagarde urges US, others to reject 'dystopian' path

Opposition Pakistan Muslim League-Nawaz (PML-N) on Saturday demanded the resignation of Prime Minister Imran Khan, accusing him of lying to the nation and secretly agreeing to the IMF's condition to secure loans that caused the historic devaluation of the country's currency.

Pakistani Rupee suffered a massive hit on Friday as the dollar rose to an all-time high at Rs 144, a day after the government celebrated its 100-day achievements.

Experts believe that the devaluation was linked with the government's talks with the International Monetary Fund (IMF) to secure loan.

Recently, cash-strapped Pakistan's negotiations with the IMF for a bailout package faced difficulties as the international lender sought complete disclosure of Chinese financial support and hiking of energy prices and levying more taxes.

"Historic devaluation of the rupee (from Rs134 to Rs144 against one US dollar) shows the Imran Khan government has signed the agreement with the IMF without taking anyone onboard," PML-N's central spokesperson Marriyum Aurangzeb said in a statement.

Stating that people of Pakistan have a right to know the conditions of the pact, Aurangzeb said that the sudden devaluation of the Pakistani currency is the proof of the fact that government has agreed to the conditions of the IMF and has signed their agreement.

"The Pakistan Tehreek-i-Insaf government has once again lied to the nation about the IMF loan agreement. Finance Minister Asad Umar lied to the people of Pakistan about their dealings with IMF. This sharp increase in dollar's price is another one of the PTI government's massive con-jobs," Aurangzeb, a former information minister in the PMLN government, said.

She said that the devaluation of the rupee will open floodgates of inflation on the already crushed people of Pakistan while PM Khan is not doing anything other than uttering meaningless comfort cliches "Ghabraana Nai Hai".

"Imran Khan should resign because he has betrayed the trust of the people of Pakistan.

The circumstances and mood of the nation is clear that they would not bear this Chicken-Egg Policy government while they are crushed under inflation and taxes, because it has been established that government is severely incapacitated to run the affairs of the state," she said.

Opposition Pakistan Muslim League-Nawaz (PML-N) on Saturday demanded the resignation of Prime Minister Imran Khan, accusing him of lying to the nation and secretly agreeing to the IMF's condition to secure loans that caused the historic devaluation of the country's currency.

Opposition Pakistan Muslim League-Nawaz (PML-N) on Saturday demanded the resignation of Prime Minister Imran Khan, accusing him of lying to the nation and secretly agreeing to the IMF's condition to secure loans that caused the historic devaluation of the country's currency. Pakistani Rupee suffered a massive hit on Friday as the dollar rose to an all-time high at Rs 144, a day after the government celebrated its 100-day achievements. Experts believe that the devaluation was linked with the government's talks with the International Monetary Fund (IMF) to secure loan. Recently, cash-strapped Pakistan's negotiations with the IMF for a bailout package faced difficulties as the international lender sought complete disclosure of Chinese financial support and hiking of energy prices and levying more taxes. "Historic devaluation of the rupee (from Rs134 to Rs144 against one US dollar) shows the Imran Khan government has signed the agreement with the IMF without taking anyone onboard," PML-N's central spokesperson Marriyum Aurangzeb said in a statement. Stating that people of Pakistan have a right to know the conditions of the pact, Aurangzeb said that the sudden devaluation of the Pakistani currency is the proof of the fact that government has agreed to the conditions of the IMF and has signed their agreement. "The Pakistan Tehreek-i-Insaf government has once again lied to the nation about the IMF loan agreement. Finance Minister Asad Umar lied to the people of Pakistan about their dealings with IMF. This sharp increase in dollar's price is another one of the PTI government's massive con-jobs," Aurangzeb, a former information minister in the PMLN government, said. She said that the devaluation of the rupee will open floodgates of inflation on the already crushed people of Pakistan while PM Khan is not doing anything other than uttering meaningless comfort cliches "Ghabraana Nai Hai". "Imran Khan should resign because he has betrayed the trust of the people of Pakistan. The circumstances and mood of the nation is clear that they would not bear this Chicken-Egg Policy government while they are crushed under inflation and taxes, because it has been established that government is severely incapacitated to run the affairs of the state," she said.

Imran Khan should resign for lying, secretly agreeing to IMF's condition: PML-N 

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements.

The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to&nbsp;narrow a huge balance of payments deficit.

But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement.

The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF.

"The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities.

The rupee has lost about a third of its value since the start of the year as&nbsp;Pakistan&nbsp;struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year.

Pakistan&nbsp;secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October.

Despite the pledges, the ministry of finance said Pakistan&nbsp;would still seek broader IMF support for the government's long-term economic planning.

With talks with the IMF still ongoing --Pakistan&nbsp;has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy.

Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that&nbsp;Pakistan&nbsp;could use any bailout money to repay its debts to Beijing.&nbsp;

The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis.

Pakistan's rupee plunged almost five per cent to a record low Friday after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis. The unit sank to 143 rupees against the dollar just a day after Prime Minister Imran Khan’s government celebrated 100 days in office with a televised conference boasting of its achievements. The State Bank of Pakistan has indirectly devalued the state-managed unit several times already as it tries to narrow a huge balance of payments deficit. But traders are growing concerned that neither Khan nor his Finance Minister Asad Umar laid out a comprehensive plan to address the country’s economic woes more than a week after negotiations with the International Monetary Fund ended without a much-needed bailout agreement. The former cricketer has launched a highly publicised austerity drive since being sworn in, including auctioning off government-owned luxury vehicles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF. "The market was disappointed to see that there was no clear-cut direction of the government regarding raising loans from IMF or taxation policies for the rest of its term," said Hamad Iqbal, director of research at Elixir Securities. The rupee has lost about a third of its value since the start of the year as Pakistan struggles with chronic inflation as it burns through its dwindling foreign currency reserves, which are down around 40 per cent this year. Pakistan secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Khan's visit to the kingdom in October. Despite the pledges, the ministry of finance said Pakistan would still seek broader IMF support for the government's long-term economic planning. With talks with the IMF still ongoing --Pakistan has been a regular borrower from the IMF since the 1980s -- Khan's new government has been searching for ways to rally its struggling economy. Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, but the US -- one of the IMF's biggest donors -- has raised fears that Pakistan could use any bailout money to repay its debts to Beijing. The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by four to 4.5 percent for the year fiscal year ending June 2019 compared to 5.8 percent growth in the last fiscal year.

Pakistan rupee hits record low, no news on IMF lifeline

Thousands of people from social groups gathered in a sports stadium in Buenos Aires on Tuesday (November 27) to protest against the G20 at the end of this week and against President Mauricio Macri, after he reached a $57 billion deal with the International Monetary Fund in September to tackle a weathering economic crisis in the country.

Argentina has vowed to crack down on any anarchists and anti-capitalist protesters who try to disrupt the G20, saying it was working with foreign governments to identify and block entry to potential trouble-makers.

This year's G20 summit will be held in the Argentine capital from November 30 to December 1. Local leftist groups are planning marches against the gathering and have invited activists from around the world to join them.

The event will be guarded by 22,000 police and 700 security ministry agents, and the government has been in contact with a number of foreign security services, including those in the United States, Britain, Brazil, Italy and Spain, she said.

Thousands of people from social groups gathered in a sports stadium in Buenos Aires on Tuesday (November 27) to protest against the G20 at the end of this week and against President Mauricio Macri, after he reached a $57 billion deal with the International Monetary Fund in September to tackle a weathering economic crisis in the country.

Thousands of people from social groups gathered in a sports stadium in Buenos Aires on Tuesday (November 27) to protest against the G20 at the end of this week and against President Mauricio Macri, after he reached a $57 billion deal with the International Monetary Fund in September to tackle a weathering economic crisis in the country. Argentina has vowed to crack down on any anarchists and anti-capitalist protesters who try to disrupt the G20, saying it was working with foreign governments to identify and block entry to potential trouble-makers. This year's G20 summit will be held in the Argentine capital from November 30 to December 1. Local leftist groups are planning marches against the gathering and have invited activists from around the world to join them. The event will be guarded by 22,000 police and 700 security ministry agents, and the government has been in contact with a number of foreign security services, including those in the United States, Britain, Brazil, Italy and Spain, she said.

Social groups protest against G20 and IMF in Argentina

Pakistan is likely to pay off an International Monetary Fund bailout before its loans from China come due, easing concerns that IMF funds will be used to pay back Chinese creditors, the US Treasury`s top diplomat said on Tuesday.

David Malpass, the Treasury`s undersecretary for international affairs, told a US Senate Foreign Relations subcommittee hearing that the Trump administration was pushing for more transparency in Chinese lending, including to Pakistan.&nbsp;

Pakistan is negotiating with the IMF over terms of its second bailout since 2013, a loan package valued at about $6 billion, according to local media, with a deal now expected in mid-January.

Pakistan`s new president, Imran Khan, requested the bailout in October to deal with a mounting balance-of-payments crisis.

Pakistan is a major recipient of China`s Belt and Road infrastructure initiative, with Beijing pledging to finance some $60 billion in port, road and railway projects there. But Pakistan`s debt woes have prompted Islamabad to scale back some of the projects.&nbsp;

"One of the challenges is that in many cases they haven`t disclosed the terms of that debt," Malpass said of the Chinese loans to Pakistan. "In general terms, we think the maturity of the Chinese debt comes after the IMF would have been repaid."

Secretary of State Mike Pompeo said earlier this year that there was "no rationale" for a program that repays Pakistan`s loans to China.&nbsp; 
Malpass said the challenge in the Pakistan-IMF talks is to forge a program that will foster "substantial economic reform" in Pakistan and put its finances on sustainable path.

A US Treasury delegation was recently in Pakistan to work with local officials, he added.

Malpass also said a lack of transparency in Chinese lending was not unique to Pakistan, noting that basic terms like the interest rate and maturity are often not disclosed, sometimes even to some parts of the borrower governments.

"China is lending in many countries where the terms of the loan are simply not given and that gives China a lot of leverage within its program," Malpass said. "And it`s something that we`re pushing back on very hard in the Paris Club, in the OECD, in the IMF, the World Bank, at the G20 and in the G7."

Earlier on Tuesday, China`s ambassador to the United States, Cui Tiankai, pushed back against any suggestion that China`s infrastructure loans were causing debt crises.

"How can you say building roads and bridges will hurt their economies?" Cui told Reuters in an interview.

"If they do not need it, they will not ask us to build it. That`s quite clear. All these things are done based on mutual agreement between the countries concerned and China."&nbsp;

Pakistan is likely to pay off an International Monetary Fund bailout before its loans from China come due, easing concerns that IMF funds will be used to pay back Chinese creditors, the US Treasury`s top diplomat said on Tuesday.

Pakistan is likely to pay off an International Monetary Fund bailout before its loans from China come due, easing concerns that IMF funds will be used to pay back Chinese creditors, the US Treasury`s top diplomat said on Tuesday. David Malpass, the Treasury`s undersecretary for international affairs, told a US Senate Foreign Relations subcommittee hearing that the Trump administration was pushing for more transparency in Chinese lending, including to Pakistan. Pakistan is negotiating with the IMF over terms of its second bailout since 2013, a loan package valued at about $6 billion, according to local media, with a deal now expected in mid-January. Pakistan`s new president, Imran Khan, requested the bailout in October to deal with a mounting balance-of-payments crisis. Pakistan is a major recipient of China`s Belt and Road infrastructure initiative, with Beijing pledging to finance some $60 billion in port, road and railway projects there. But Pakistan`s debt woes have prompted Islamabad to scale back some of the projects. "One of the challenges is that in many cases they haven`t disclosed the terms of that debt," Malpass said of the Chinese loans to Pakistan. "In general terms, we think the maturity of the Chinese debt comes after the IMF would have been repaid." Secretary of State Mike Pompeo said earlier this year that there was "no rationale" for a program that repays Pakistan`s loans to China. Malpass said the challenge in the Pakistan-IMF talks is to forge a program that will foster "substantial economic reform" in Pakistan and put its finances on sustainable path. A US Treasury delegation was recently in Pakistan to work with local officials, he added. Malpass also said a lack of transparency in Chinese lending was not unique to Pakistan, noting that basic terms like the interest rate and maturity are often not disclosed, sometimes even to some parts of the borrower governments. "China is lending in many countries where the terms of the loan are simply not given and that gives China a lot of leverage within its program," Malpass said. "And it`s something that we`re pushing back on very hard in the Paris Club, in the OECD, in the IMF, the World Bank, at the G20 and in the G7." Earlier on Tuesday, China`s ambassador to the United States, Cui Tiankai, pushed back against any suggestion that China`s infrastructure loans were causing debt crises. "How can you say building roads and bridges will hurt their economies?" Cui told Reuters in an interview. "If they do not need it, they will not ask us to build it. That`s quite clear. All these things are done based on mutual agreement between the countries concerned and China."

Pakistan likely to pay back IMF before Chinese debt: US Treasury official

A team from the International Monetary Fund concluded its visit to Pakistan Tuesday, the government said, adding that "substantive progress" had been made but talks will continue on a possible bailout.

The IMF mission held "extensive talks" with Pakistani officials during the visit, which began on November 7, the finance ministry said in a statement.&nbsp;

"Substantive progress has been made by the government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme," the statement continued.

"The positive engagement with the IMF will continue over the coming weeks to finalise the programme with the Fund."

Pakistan -- which has gone to the IMF repeatedly since the late 1980s -- is facing a widening balance of payments crisis.

But earlier this month finance minister Asad Umar said that unspecified assurances from China -- combined with a pledge made by Saudi Arabia in October -- meant that Pakistan's immediate fiscal woes were "over".&nbsp;

Riyadh pledged US $6 billion in funding and struck a 12-month deal for a balance of payments lifeline during a visit by Prime Minister Imran Khan.&nbsp;

No further announcement has been made about any Chinese assistance.

Despite the pledges, Pakistan has said it will still seek broader IMF support for the government's long-term economic planning.

In his statement, Umar said the reforms discussed included "fiscal and monetary measures, corrective interventions for balance of payments sustainability, pro-poor spending, governance and development of a business-friendly environment".

Khan's new government has been searching for ways to rally a struggling economy hit by inflation, and shore up Pakistan's dwindling foreign currency reserves.&nbsp;

The former cricketer has launched a highly-publicised austerity drive, including auctioning off government-owned luxury automobiles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF.

However, Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, and the US -- one of the IMF's biggest donors -- has raised fears that Pakistan could use any bailout money to repay its debts to Beijing.

Islamabad, which last received an IMF bailout in 2013 to the tune of US $6.6 billion, has refuted these claims.

A team from the International Monetary Fund concluded its visit to Pakistan Tuesday, the government said, adding that "substantive progress" had been made but talks will continue on a possible bailout.

A team from the International Monetary Fund concluded its visit to Pakistan Tuesday, the government said, adding that "substantive progress" had been made but talks will continue on a possible bailout. The IMF mission held "extensive talks" with Pakistani officials during the visit, which began on November 7, the finance ministry said in a statement. "Substantive progress has been made by the government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme," the statement continued. "The positive engagement with the IMF will continue over the coming weeks to finalise the programme with the Fund." Pakistan -- which has gone to the IMF repeatedly since the late 1980s -- is facing a widening balance of payments crisis. But earlier this month finance minister Asad Umar said that unspecified assurances from China -- combined with a pledge made by Saudi Arabia in October -- meant that Pakistan's immediate fiscal woes were "over". Riyadh pledged US $6 billion in funding and struck a 12-month deal for a balance of payments lifeline during a visit by Prime Minister Imran Khan. No further announcement has been made about any Chinese assistance. Despite the pledges, Pakistan has said it will still seek broader IMF support for the government's long-term economic planning. In his statement, Umar said the reforms discussed included "fiscal and monetary measures, corrective interventions for balance of payments sustainability, pro-poor spending, governance and development of a business-friendly environment". Khan's new government has been searching for ways to rally a struggling economy hit by inflation, and shore up Pakistan's dwindling foreign currency reserves. The former cricketer has launched a highly-publicised austerity drive, including auctioning off government-owned luxury automobiles and buffaloes, in addition to seeking loans from "friendly countries" and making overtures to the IMF. However, Islamabad has received billions of dollars in Chinese loans to finance ambitious infrastructure projects, and the US -- one of the IMF's biggest donors -- has raised fears that Pakistan could use any bailout money to repay its debts to Beijing. Islamabad, which last received an IMF bailout in 2013 to the tune of US $6.6 billion, has refuted these claims.

IMF team ends Pakistan visit as talks continue

<a href="http://www.wionews.com/india-news/have-made-up-my-mind-not-to-contest-next-elections-sushma-swaraj-178379">Have made up my mind not to contest next elections: Sushma Swaraj</a>

The BJP's Sushma Swaraj said Wednesday that she will not contest the 2019 elections.&nbsp;

"It is the party which decides, but I have made up my mind not to contest next elections," Swaraj said (watch video below).

News reports said Swaraj was stepping down for health reasons.&nbsp;

 
<a href="http://www.wionews.com/business-economy/after-rbi-relaxes-deadline-banks-will-be-able-to-lend-extra-35-42-billion-sources-178403">After RBI relaxes deadline, banks will be able to lend </a><a href="http://www.wionews.com/business-economy/after-rbi-relaxes-deadline-banks-will-be-able-to-lend-extra-35-42-billion-sources-178403">extra</a><a href="http://www.wionews.com/business-economy/after-rbi-relaxes-deadline-banks-will-be-able-to-lend-extra-35-42-billion-sources-178403"> $35-42 billion: Sources</a>

The Reserve Bank of India (RBI) estimates that Indian banks will have capacity to lend an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion) over the next year after it decided to relax a deadline for lenders to boost capital ratios, two sources aware of discussions on the matter said on Tuesday.

 
<a href="http://www.wionews.com/world/after-khashoggi-murder-some-saudi-royals-turn-against-kings-favourite-son-178419">After Khashoggi murder, some Saudi royals turn against king’s favourite son</a>

Amid international uproar over the killing of journalist Jamal Khashoggi, some members of Saudi Arabia's ruling family are agitating to prevent Crown Prince Mohammed bin Salman from becoming king, three sources close to the royal court said.

 
<a href="http://www.wionews.com/south-asia/imf-demands-details-of-pakistans-financial-assistance-deal-with-china-report-178365">IMF demands details of Pakistan's financial assistance deal with China: Report</a>

The IMF has demanded Pakistan provide all details of China's financial support to the cash-strapped country to avail a bailout package from it, according to media reports.&nbsp;

 
<a href="http://www.wionews.com/south-asia/china-believes-maldives-will-make-correct-choice-on-trade-deal-178402">China believes </a><a href="http://www.wionews.com/south-asia/china-believes-maldives-will-make-correct-choice-on-trade-deal-178402">Maldives</a><a href="http://www.wionews.com/south-asia/china-believes-maldives-will-make-correct-choice-on-trade-deal-178402"> will make 'correct choice' to continue with </a><a href="http://www.wionews.com/south-asia/china-believes-maldives-will-make-correct-choice-on-trade-deal-178402">free</a><a href="http://www.wionews.com/south-asia/china-believes-maldives-will-make-correct-choice-on-trade-deal-178402"> trade deal</a>

China believes the Maldives will make the "correct choice" to continue with a bilateral free trade deal, a foreign ministry spokesman said on Tuesday, after a Maldives politician said the tiny nation would pull out of the pact.

Mohamed Nasheed, the chief of the Maldivian Democratic Party, which leads the ruling federal alliance, told Reuters this week that it was a mistake to strike such a deal with the world's second biggest economy.

Have made up my mind not to contest next elections: Sushma Swaraj The BJP's Sushma Swaraj said Wednesday that she will not contest the 2019 elections. "It is the party which decides, but I have made up my mind not to contest next elections," Swaraj said (watch video below).

Have made up my mind not to contest next elections: Sushma Swaraj The BJP's Sushma Swaraj said Wednesday that she will not contest the 2019 elections. "It is the party which decides, but I have made up my mind not to contest next elections," Swaraj said (watch video below). News reports said Swaraj was stepping down for health reasons. After RBI relaxes deadline, banks will be able to lend extra $35-42 billion: Sources The Reserve Bank of India (RBI) estimates that Indian banks will have capacity to lend an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion) over the next year after it decided to relax a deadline for lenders to boost capital ratios, two sources aware of discussions on the matter said on Tuesday. After Khashoggi murder, some Saudi royals turn against king’s favourite son Amid international uproar over the killing of journalist Jamal Khashoggi, some members of Saudi Arabia's ruling family are agitating to prevent Crown Prince Mohammed bin Salman from becoming king, three sources close to the royal court said. IMF demands details of Pakistan's financial assistance deal with China: Report The IMF has demanded Pakistan provide all details of China's financial support to the cash-strapped country to avail a bailout package from it, according to media reports. China believes Maldives will make 'correct choice' to continue with free trade deal China believes the Maldives will make the "correct choice" to continue with a bilateral free trade deal, a foreign ministry spokesman said on Tuesday, after a Maldives politician said the tiny nation would pull out of the pact. Mohamed Nasheed, the chief of the Maldivian Democratic Party, which leads the ruling federal alliance, told Reuters this week that it was a mistake to strike such a deal with the world's second biggest economy.

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday.

The cash-strapped Pakistani government led by Prime Minister Imran Khan is facing grave economic challenges as it struggles to keep the economy afloat.

Last month, Saudi Arabia said it would provide Pakistan with a USD 6 billion rescue package, but officials have said it is not enough, and Islamabad still plans to seek a bailout from the International Monetary Fund (IMF).

Pakistan may ask the IMF for up to USD 6 billion, Geo News reported. If approved, it would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s.

Pakistan formally approached the IMF in October for loans.&nbsp;

An IMF team is currently reviewing Pakistan's monetary and fiscal policies as well as its monetary needs in keeping with the current account deficit.

On Monday, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks with ministers and representatives of the Federal Board of Revenue (FBR).

Members of the team, led by Harald Finger, a senior economist and an adviser to the IMF, further stressed on effective measures required to increase the tax collection in order for Pakistan to deal with and recover from its financial crunch and current account deficit, Geo News reported.

According to the report, the IMF also indicated its support towards the FBR's move to send notices to thousands of tax defaulters.

There were two rounds of policy-level talks. Druing the first one, the IMF delegation met with Finance Minister Asad Umar and officials from the State Bank of Pakistan (SBP), whereas in the second, it met with the FBR representatives.

The IMF delegation was briefed on the tax collection target for the ongoing fiscal year as well as the financial performance during the first four months, starting July 1, 2018 (FY18-19).

The IMF team said it was difficult to achieve the goal of curbing the financial crisis without increasing the tax collection, it quoted sources as saying. They also underscored the need to widen the tax scope.

The fund is reported to have raised questions over more than Rs 90 billion revenue shortfall in the first four months of the current fiscal year and wondered how the projected fiscal deficit target of 5.1 per cent could be achieved when development programme had already been curtailed to a bare minimum, Dawn newspaper reported.

The IMF is also dissatisfied over the performance of the power sector whose losses and recoveries are reported to have gone down rather than improving since the last IMF programme was completed in Sept 2016, leading to build up of circular debt beyond Rs 1.2 trillion and creating supply side constraints, it said.

Informed sources told the paper that the authorities briefed the IMF delegation about the subsidies envisaged in the 2018-19 budget and those committed by the Khan government since it came to power three months ago.&nbsp;

The discussions are set to continue till November 20, the report said. From November 7 ? when the IMF team arrived in Pakistan ? to November 9, technical talks were held, during which data pertaining to the performance of various sectors was presented.

The IMF team would also review the apex bank, SBP's financial independence and the FBR's performance, the report said.&nbsp;

IMF Managing Director Christine Lagarde has said that Pakistan has requested financial assistance from the IMF to help address the country's economic challenges.

At the same time, she said the IMF would require "absolute transparency" of Pakistan's debts, including those owed to China, apparently referring to the USD 60 billion China-Pakistan Economic Corridor (CPEC) projects.&nbsp;

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.&nbsp;

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.

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday.

The IMF has expressed dissatisfaction at the current state of Pakistan's tax collection as the cash-strapped government sought a bailout package of up to $6 billion from the multilateral lender to overcome the economic challenges, media reports said Tuesday. The cash-strapped Pakistani government led by Prime Minister Imran Khan is facing grave economic challenges as it struggles to keep the economy afloat. Last month, Saudi Arabia said it would provide Pakistan with a USD 6 billion rescue package, but officials have said it is not enough, and Islamabad still plans to seek a bailout from the International Monetary Fund (IMF). Pakistan may ask the IMF for up to USD 6 billion, Geo News reported. If approved, it would be Pakistan's 13th rescue package from the multilateral lender since the late 1980s. Pakistan formally approached the IMF in October for loans. An IMF team is currently reviewing Pakistan's monetary and fiscal policies as well as its monetary needs in keeping with the current account deficit. On Monday, the delegation, which has already concluded the technical discussions with the Pakistani representatives, commenced its policy-level talks with ministers and representatives of the Federal Board of Revenue (FBR). Members of the team, led by Harald Finger, a senior economist and an adviser to the IMF, further stressed on effective measures required to increase the tax collection in order for Pakistan to deal with and recover from its financial crunch and current account deficit, Geo News reported. According to the report, the IMF also indicated its support towards the FBR's move to send notices to thousands of tax defaulters. There were two rounds of policy-level talks. Druing the first one, the IMF delegation met with Finance Minister Asad Umar and officials from the State Bank of Pakistan (SBP), whereas in the second, it met with the FBR representatives. The IMF delegation was briefed on the tax collection target for the ongoing fiscal year as well as the financial performance during the first four months, starting July 1, 2018 (FY18-19). The IMF team said it was difficult to achieve the goal of curbing the financial crisis without increasing the tax collection, it quoted sources as saying. They also underscored the need to widen the tax scope. The fund is reported to have raised questions over more than Rs 90 billion revenue shortfall in the first four months of the current fiscal year and wondered how the projected fiscal deficit target of 5.1 per cent could be achieved when development programme had already been curtailed to a bare minimum, Dawn newspaper reported. The IMF is also dissatisfied over the performance of the power sector whose losses and recoveries are reported to have gone down rather than improving since the last IMF programme was completed in Sept 2016, leading to build up of circular debt beyond Rs 1.2 trillion and creating supply side constraints, it said. Informed sources told the paper that the authorities briefed the IMF delegation about the subsidies envisaged in the 2018-19 budget and those committed by the Khan government since it came to power three months ago. The discussions are set to continue till November 20, the report said. From November 7 ? when the IMF team arrived in Pakistan ? to November 9, technical talks were held, during which data pertaining to the performance of various sectors was presented. The IMF team would also review the apex bank, SBP's financial independence and the FBR's performance, the report said. IMF Managing Director Christine Lagarde has said that Pakistan has requested financial assistance from the IMF to help address the country's economic challenges. At the same time, she said the IMF would require "absolute transparency" of Pakistan's debts, including those owed to China, apparently referring to the USD 60 billion China-Pakistan Economic Corridor (CPEC) projects. 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.

IMF dissatisfied with Pakistan's fiscal policies: Reports

Economic growth in the energy-rich<a href="http://www.wionews.com/world/imf-fears-possible-italy-contagion-to-weaker-european-economies-176252"> Gulf will recover in 2018 from a</a> contraction last year but remains vulnerable to volatility in crude oil prices, the IMF forecast on Tuesday.

The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf Cooperation Council to grow by 2.4 per cent in 2018 and 3.0 per cent in 2019, after a contraction of 0.4 per cent last year. &nbsp;

Grouping Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, the GCC states together pump over 17 million barrels per day and depend heavily on crude revenues.

But "the growth outlook for oil exporters remains subject to significant uncertainty about the future path of oil prices," the IMF said in its Regional Economic Outlook for the Middle East and North Africa (MENA).

After their earlier extended recovery, oil prices have shed a fifth of their value in just one month, with Brent crude trading near its lowest price since April.

Growth in non-GCC oil exporters in MENA, which includes Iran, Iraq, Algeria and Libya, is projected to slow to 0.3 per cent in 2018, from three per cent the previous year, and pick up modestly to 0.9 per cent in 2019, the IMF said.

"This largely reflects the expected impact of the re-imposition of US sanctions on Iran, which is likely to reduce Iranian oil production and exports significantly over the next two years at least," the IMF said.

It projected Iran's economy to shrink by 1.6 per cent this year and 3.6 per cent in 2019.

For oil-importing countries in MENA, growth is expected to continue at a modest pace of 4.5 per cent in 2018, before dropping back to four per cent next year, the IMF said.&nbsp;

This level of growth is not sufficient to create the required jobs for a region marred by instability and civil strife, it said.

Oil revenues for MENA exporters have increased by about $260 billion&nbsp;over the period 2016 to 2018.

This has mostly been due to a price rise generated by production cuts in nations belonging to the OPEC cartel, as well as non-OPEC producers.&nbsp;

The current account balance will turn from a deficit into a surplus and overall budget shortfalls will decline, the lender said.

The IMF urged GCC states to continue with and expand reforms, welcoming the imposition of value-added tax by Saudi Arabia and the UAE.

It also called on GCC countries to impose corporate and personal income tax in order to diversify their revenue streams.

Economic growth in the energy-rich Gulf will recover in 2018 from a contraction last year but remains vulnerable to volatility in crude oil prices, the IMF forecast on Tuesday.

Economic growth in the energy-rich Gulf will recover in 2018 from a contraction last year but remains vulnerable to volatility in crude oil prices, the IMF forecast on Tuesday. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf Cooperation Council to grow by 2.4 per cent in 2018 and 3.0 per cent in 2019, after a contraction of 0.4 per cent last year. Grouping Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, the GCC states together pump over 17 million barrels per day and depend heavily on crude revenues. But "the growth outlook for oil exporters remains subject to significant uncertainty about the future path of oil prices," the IMF said in its Regional Economic Outlook for the Middle East and North Africa (MENA). After their earlier extended recovery, oil prices have shed a fifth of their value in just one month, with Brent crude trading near its lowest price since April. Growth in non-GCC oil exporters in MENA, which includes Iran, Iraq, Algeria and Libya, is projected to slow to 0.3 per cent in 2018, from three per cent the previous year, and pick up modestly to 0.9 per cent in 2019, the IMF said. "This largely reflects the expected impact of the re-imposition of US sanctions on Iran, which is likely to reduce Iranian oil production and exports significantly over the next two years at least," the IMF said. It projected Iran's economy to shrink by 1.6 per cent this year and 3.6 per cent in 2019. For oil-importing countries in MENA, growth is expected to continue at a modest pace of 4.5 per cent in 2018, before dropping back to four per cent next year, the IMF said. This level of growth is not sufficient to create the required jobs for a region marred by instability and civil strife, it said. Oil revenues for MENA exporters have increased by about $260 billion over the period 2016 to 2018. This has mostly been due to a price rise generated by production cuts in nations belonging to the OPEC cartel, as well as non-OPEC producers. The current account balance will turn from a deficit into a surplus and overall budget shortfalls will decline, the lender said. The IMF urged GCC states to continue with and expand reforms, welcoming the imposition of value-added tax by Saudi Arabia and the UAE. It also called on GCC countries to impose corporate and personal income tax in order to diversify their revenue streams.

Growth prospects in Gulf countries uncertain due to oil prices: IMF

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package.

Asad Umar said a combined $6 billion of Saudi money and promised funds from China would cover a projected $12 billion shortfall in foreign currency to service Pakistan's debt.

"So, Pakistan’s immediate balance of payment crises is over. That I can tell you categorically that now we don’t have anymore a balance of payment crises," he told a news briefing, without mentioning the IMF.

The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, PTI had reported.&nbsp;

Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF.

"We expect those discussions to begin on November the 7th. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice was quoted as saying by PTI.

"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.

Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program.

(With inputs from news agencies)

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package.

Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package. Asad Umar said a combined $6 billion of Saudi money and promised funds from China would cover a projected $12 billion shortfall in foreign currency to service Pakistan's debt. "So, Pakistan’s immediate balance of payment crises is over. That I can tell you categorically that now we don’t have anymore a balance of payment crises," he told a news briefing, without mentioning the IMF. The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, PTI had reported. Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF. "We expect those discussions to begin on November the 7th. An IMF staff mission will go to Islamabad and initiate discussions with the authorities," IMF Director of Communications Gerry Rice was quoted as saying by PTI. "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. Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program. (With inputs from news agencies)

On eve of IMF talks, Pakistan's finance minister says balance of payments crisis over

The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, the International Monetary Fund has said.

Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF.

"We expect those discussions to begin on November the 7th. 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.

Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program.

The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, the International Monetary Fund has said. Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF.

The discussion on Pakistan's multibillion-dollar bailout application would begin on Wednesday, the International Monetary Fund has said. Last month, Pakistan Finance Minister Asad Umar had made a formal request for financial assistance from the IMF. "We expect those discussions to begin on November the 7th. 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. Once it is reached, Rice elaborated that they would go forward to IMF Board for the formal approval of the program.

Discussion on Pakistan's bailout application to begin on Wednesday: IMF

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.

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

<a href="http://www.wionews.com/world/saudi-considers-admitting-khashoggi-died-in-botched-interrogation-reports-171638">Saudi considers admitting Khashoggi died in botched interrogation: Reports</a>

Saudi Arabia is considering an admission that journalist Jamal Khashoggi died during an interrogation that went wrong, US media reported on Monday.

<a href="http://www.wionews.com/world/imf-should-objectively-and-professionally-evaluate-its-investments-in-pakistan-china-171653">IMF should objectively and professionally evaluate investments in Pakistan: China</a>

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.

<a href="http://www.wionews.com/world/microsoft-co-founder-paul-allen-dies-of-cancer-at-65-171637">Microsoft co-founder Paul Allen dies of cancer at 65</a>

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.

<a href="http://www.wionews.com/sports/southgates-three-lions-roar-to-stun-spain-in-seville-171644">UEFA Nations League: Southgate's 'Three Lions' led by Raheem, Rashford stun Spain</a>

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.&nbsp;

<a href="http://www.wionews.com/india-news/jk-municipal-polls-final-phase-of-voting-begins-171652">J&amp;K municipal polls: Final phase of voting begins</a>

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.&nbsp;

&nbsp;

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.

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

Imf, News on Imf, stories on Imf, articles on Imf, Imf stories at Wion, Imf news, Imf latest news