Pakistan to seek International Monetary Fund bailout to overcome financial crisis

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The global finance agency dropped its projection for world economic growth by two-tenths of a percentage point for both 2018 and 2019 to 3.7 percent, the first time it had trimmed its economic outlook in more than two years. In 2017, India had clocked a 6.7 per cent growth rate.

"Growth in Pakistan is expected to strengthen from 5.4 percent in 2017 to 5.8 percent in 2018... underpinned by improved energy supply, investment related to the China-Pakistan Economic Corridor, and strong credit growth", the International Monetary Fund said on Tuesday in the "World Economic Outlook (WEO) October 2018: Challenges to steady growth" report.

Compared to the medium-term risks, near-term risks have risen in the past six months but are "relatively limited" and subdued, relative to historical norms, with financial conditions still broadly accommodative and supportive of growth in the near-term, said the International Monetary Fund.

This acceleration reflected a rebound from transitory shocks (demonetisation and implementation of the GST), with strengthening investment and robust private consumption, it said.

India's medium-term growth prospects remain strong at 7.75 per cent, benefiting from ongoing structural reform.

The Fund said that revenue gains from non-financial public corporations and government financial assets alone could be as high as 3 per cent of GDP a year, equivalent to the annual corporate tax collections across advanced economies.

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Given a weaker than expected performance in the first half of this year, the growth estimates for the eurozone were revised down 0.2 point to 2.0 percent in 2018.

'Growing anxiety about a breakdown in Brexit negotiations could give rise to contractual and operational uncertainties in the United Kingdom and elsewhere in Europe, ' the report says. He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs 6 trillion to Rs 30 trillion in the past 10 years alone.

Obstfeld spoke at the World Economic Outlook press conference in Indonesia, where the global body focused on the growth of the Asian economy.

"However, further reforms are needed to increase policy certainty, improve the efficiency of state-owned enterprises, enhance flexibility in the labour market, improve basic education, and align training with business needs", it stated. In India, a high interest burden and risks from rising yields require continued focus on debt reduction to establish policy credibility and build buffers.

"Nigeria, like many other emerging market countries, has come under market pressure since mid-April".

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".

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