Tuesday, 16 October, 2018

International Monetary Fund says Pakistan has not asked it for a bailout so far

Finance Minister Asad Umar says decision is taken after consulting leading economists Finance Minister Asad Umar says decision is taken after consulting leading economists
Laurie Berry | 10 October, 2018, 07:42

The Toronto Stock Exchange's S&P/TSX composite index was down 70.78 points, or 0.44 per cent, at 15,875.39.

In a new simulation exercise to show trade war risks to the global economy, the International Monetary Fund modeled the effect of an all-out U.S.

The sources said the world body will also ask Islamabad to expand the tax net in the country, and added that the International Monetary Fund also wants Pakistan to decrease circular debts and losses in state institutions, the report said.

The currency plunged amid fears of IMF's painful structural reforms.

"In the case of taking advantage of the program, a big disaster would be knocking at our doors", Dr. Shahida Wizarat, a senior economist, told Arab News. The IMF wants the RBI to tighten monetary conditions, something which it did not do in the October policy review. Gas and power tariff hikes.

The IMF said its forecast for investment growth for FY19 is weaker than in April, despite higher capital spending in India, on account of contracting investment in economies under stress, such as Argentina and Turkey, which is also reflected in a downward revision for import growth.

"In the case of a flexible exchange regime the national currency, the Pak rupee, would further depreciate to around PKR140 against the U.S. dollar from the current PKR127".

Dr. Ikram ul-Haq, an expert on legal and economic matters, said: "The impact will be negative". The Trump administration has penalized almost half of all imports from China and has threatened more for the other half.

Spark Foundry closes offices in support of World Mental Health Day
Library will celebrate World Mental Health Day 2018 and promote awareness of mental health issues on Wednesday, October 10. Over half (54%) the people who had ever been homeless had a disorder, almost three times the rate of people who had not.

The World Bank last week cut SA's GDP growth estimate for 2018 to 1% this year from 1.4%, while the SA Reserve Bank slashed its forecast to 0.7% from 1.2% in September.

It also said inflation in India is on the rise, estimated at 3.6 per cent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared with 4.5 per cent in fiscal year 2016/17, amid accelerating demand and rising fuel prices.

The IMF expects that Russia's growth will reach 1.8 percent in 2019, according to the World Economic Outlook report released on Tuesday.

With global economy slowing down and countries across the world erecting trade barriers, Valecha says it is highly unlikely that exports from Pakistan will have a sharp turnaround.

Pakistan's fiscal deficit was on target to hit 7.2 percent of gross domestic product in the fiscal year ending in June 2019, but the government has introduced measures to bring it closer to 5 percent.

Pakistan's industrialists are also wary of the current economic trends over the unclear stand of country's leadership.

The IMF warned that the world faced a permanent hit to growth if the U.S. followed through on a threat to impose a 25% on all imported cars, and global tariffs hit business confidence, investment and borrowing costs.

Experts believe that the devaluation of currency and a gas and power tariff hike will lead to the closure of industries and ultimately would result in mass unemployment.

Recommended

  • Donald Trump apologises to Brett Kavanaugh and declares him ‘proven innocent'

    Donald Trump apologises to Brett Kavanaugh and declares him ‘proven innocent'

    Immigration, firearms, and asbestos exposure cases will greet Brett Kavanaugh during his first week as a Supreme Court justice. Justice Kavanaugh took the two required oaths privately at the court last Saturday, letting him begin work right away.
    Sony confirms that it’s working on the next PlayStation

    Sony confirms that it’s working on the next PlayStation

    The PlayStation 4 is the base model of Sony's current console, whereas the PlayStation 4 Pro is a visual step up. After years of silence, Sony recently confirmed its plans for a next-generation console after the PlayStation 4 .
    IPhone XS users can now charge their phones in peace

    IPhone XS users can now charge their phones in peace

    Also fixed is an issue that'd cause the iPhone XS to connect to a rejoin a 2.4GHz Wi-Fi network over a 5GHz Wi-Fi network. Thus, the update to iOS 12 .0.1 should help some iPhone users experience faster Wi-Fi connectivity.
  • Israeli firm pitched social media manipulation to Trump campaign

    Israeli firm pitched social media manipulation to Trump campaign

    In this June 21, 2017, photo, special counsel Robert Mueller departs after a meeting on Capitol Hill in Washington. A lawyer for Zamel denied to the Times that he had discussed the proposal with anyone from the Trump campaign.
    'Thank god for Taylor Swift': Voter registration spikes after Swift endorses candidates

    'Thank god for Taylor Swift': Voter registration spikes after Swift endorses candidates

    She represented Tennessee's 7th congressional district. "These are not MY Tennessee values", the "Fearless" singer said online. She also slammed Republican candidate Marsha Blackburn , a USA representative, and her record.
    John Terry announces his retirement

    John Terry announces his retirement

    The Chelsea legend played 717 times for his boyhood club, 78 times for his country and won countless trophies. It was a privilege to represent such a renowned football club with great fans.
  • Angel Hernandez now in a bigger spot after Game 3 debacle

    Angel Hernandez now in a bigger spot after Game 3 debacle

    By the time the fourth inning was over, three of his calls were overturned and a fourth call was upheld on review. Twitter absolutely went off on Hernandez during and after the game and he was actually trending in the USA after.
    Here's how Hurricane Michael could impact Maryland

    Here's how Hurricane Michael could impact Maryland

    Areas likely to be hardest hit include the Crestview-Fort Walton Beach area, Panama City and Florida's state capital, Tallahassee. Florida Governor Rick Scott said Michael was expected to be "the most deadly, destructive storm to the Panhandle in decades".
    Eden Hazard offers himself to Real Madrid again

    Eden Hazard offers himself to Real Madrid again

    It is a hard decision. "You can see how he started the season and the World Cup that he had, you don't get many players like him". It is my dream since I was a kid. "I was proud to see the lads do really well and see how proud the country was of the boys".
  • Call of Duty: Black Ops 4 has a 50GB day one patch

    Call of Duty: Black Ops 4 has a 50GB day one patch

    Before playing for the first time, players will need to download and install a day one update for Call of Duty: Black Ops 4 . Blackout can be played as soon as update installation/download reaches 30% on either PS4, or Xbox One.
    Jay Ajayi is out for the season with a torn ACL

    Jay Ajayi is out for the season with a torn ACL

    It would be a homecoming of sorts for McCoy, who spent his first six seasons in the National Football League with Philadelphia. The Eagles are 2-3 on the season after falling to the Minnesota Vikings on Sunday.
    Nikki Haley: US ambassador to United Nations  resigns

    Nikki Haley: US ambassador to United Nations resigns

    Several senior White House aides wondered about the timing of her decision, weeks before midterm congressional elections. We passed the toughest sanctions against any country in a generation, pressuring North Korea toward denuclearization.

United Nations panel urges fast action to avoid climate catastrophe United Nations  panel urges fast action to avoid climate catastrophe Coral reefs would decline by 70 per cent to 90 per cent at 1.5 deg C, whereas virtually all would be lost at 2 deg C. They include a speculative section warning that sea-level rise would make hurricane storm surge in Miami far worse.

American Music Awards: See Photos From the Red Carpet American Music Awards: See Photos From the Red Carpet Additionally, several of gospel and R&B's heaviest hitters will assemble for what's sure to be a touching Aretha Franklin tribute. Her comments drove a spike in voter registration.

Google Pixel Slate release - Google could announce huge iPad rival TODAY Google Pixel Slate release - Google could announce huge iPad rival TODAY You can count on even more help across other apps too, including Gmail's Smart Compose, now available for mobile on Pixel 3 . Google has a brand new tablet: The Pixel Slate was introduced during a press event in New York City on Tuesday morning.

Israel PM's wife goes on trial in delivery meals case Israel PM's wife goes on trial in delivery meals case Israeli prosecutors say Sarah Netanyahu is accused of misuse of funds, paying almost 100,000 U.S. dollars for food deliveries. She was charged in June with fraud and breach of trust and of aggravated fraudulent receipt of goods.

Trump apologises to Kavanaugh for 'pain and suffering' Trump apologises to Kavanaugh for 'pain and suffering' Protesters crowded hallways in the Capitol before Kavanaugh's confirmation vote and pounded on the Supreme Court doors afterward. But when asked again Sunday about it, he said different rules might apply if the same party controls the Senate and White House.

Nikki Haley Resigns as United Nations Ambassador, Report Says Nikki Haley Resigns as United Nations Ambassador, Report Says Secretary-General Antonio Guterres thanked Haley for her "excellent cooperation and support", his spokesperson told Reuters . Haley discussed her resignation with Trump last week when she visited him at the White House , Axios news site reported .

Hurricane Michael expected to intensify as it bears down on Florida Panhandle Hurricane Michael expected to intensify as it bears down on Florida Panhandle A life-threatening storm surge has been predicted along Florida's Gulf Coast, along with unsafe winds and heavy rainfall. The storm became a category 1 hurricane on Monday, and could be a category 2 or 3 storm by the time it hits Florida.

Aaron Ramsey: Ian Wright backs Arsenal contract 'stance' on Wales misfielder Aaron Ramsey: Ian Wright backs Arsenal contract 'stance' on Wales misfielder Arsenal have won nine games in a row and have risen up into 4th place in the Premier League table just two points behind leaders Manchester City.

Shangela Talks Working With Lady Gaga on A Star Is Born Shangela Talks Working With Lady Gaga on A Star Is Born Venom released on October 5th, 2018 and managed to clear over $ 80 million at the domestic box office during its first weekend. Third place went to Warner Bros.'s "Smallfoot", with earnings of $14.9 million in its second weekend.

Antonio Brown being sued for alleged furniture throwing incident Antonio Brown being sued for alleged furniture throwing incident Brown, a Miami native in his ninth National Football League season, has until Thursday to respond to the lawsuit, KDKA reports . One of the vases shattered when it hit the ground, the lawsuit says.

Turkey believes missing Saudi journalist was murdered at Saudi consulate in Istanbul Turkey believes missing Saudi journalist was murdered at Saudi consulate in Istanbul Protesters hold pictures of Saudi Journalist Jamal Khashoggi during a demonstration organized by Turkish-Arabic Media Association. On Friday, Saudi Crown Prince Mohammed bin Salman said Turkey could search the consulate for the missing dissident.

Google is killing Google Google is killing Google Google says that like other tech companies, it has encouraged third-party developers to "build on top of our various services". The news comes as Silicon Valley companies have been increasingly scrutinized for their data collection practices.

Kim Jong-Un invites Pope Francis to visit North Korea Kim Jong-Un invites Pope Francis to visit North Korea So if President Trump is going to strike a deal with North Korea, this is when he's going to get the best terms. North Korea claims to have destroyed the site. "President Trump is very close to losing control", he said.

Killed in New York Limo Crash is Deadliest Since 2009 Killed in New York Limo Crash is Deadliest Since 2009 Records indicate that the limousine company involved in the crash is owned by a noted Federal Bureau of Investigation informant. Converted limos that started out as smaller vehicles do pose some risks, former NTSB managing director Peter Goelz said.

Shawn Michaels Coming Out of Retirement For WWE Crown Jewel Shawn Michaels Coming Out of Retirement For WWE Crown Jewel Corbin looked confused on the outside of the ring, and that's when the Conquistador revealed that he was actually Kurt Angle. The four legends will meet in a tag team match at the November 2 show.