International Monetary Fund downgrades outlook for U.S., China as result of trade war

Govt decides to ‘immediately’ approach IMF

The ongoing trade war between the US and China could start having material effects on the economies of both countries within the coming years, according to new projections from the International Monetary Fund (IMF).

Singapore Prime Minister Lee Hsien Loong said the group will redouble efforts to reach a "substantial conclusion" to a regional trade arrangement, the Regional Comprehensive Economic Partnership, by the end of the year.

At its annual meeting in Bali it downgraded its prediction to 3.7% from 3.9% in July.

The Pakistani government has made a decision to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis faced by the South Asian country, Finance Minister Asad Umar announced on Monday. "In adverse scenarios, that can be an abrupt reversal of flows".

A report published by World Bank on Sunday said despite a modest rebound recently, there was a 10 percent depreciation compared to the beginning of the year and a 14 percent depreciation compared to one year before.

Trump renewed his threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates further with its own higher levies on US products entering China.

The International Monetary Fund has cut its US growth forecast for next year, warning that President Trump's protectionist trade policies will harm growth domestically and around the world.

Yi also said China would continue to open up its financial markets, including to foreign ratings agencies and bond investors, the attendees said.

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The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession. Against a basket of currencies, the yuan has depreciated less.

The Trump administration has argued that it supports "free and fair trade" and ultimately wants to see trade barriers reduced around the world, but it says it doesn't believe that will happen without added pressure.

Lagarde said that the International Monetary Fund would need to know the extent and composition of the country's debt, including sovereign debt and state-owned enterprise debt, "so that we can actually really appreciate and determine the debt sustainability of that country, if and when we consider a program", she added.

Risks to the global financial system have risen somewhat in recent months as some emerging markets have struggled and trade war tensions have persisted, the International Monetary Fund warned Tuesday.

The IMF and Pakistan on Thursday launched talks on a new bailout program aimed at easing a mounting balance of payments crisis in the South Asian country.

The delegation will leave for Bali today, to attend the meeting taking place on the Indonesian island from October 12 to 14.

Kim pledged World Bank support for Indonesia in the wake of a series of earthquakes, including financing support for rebuilding schools, hospitals, roads, housing and other critical assets.

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