International Monetary Fund warns trade friction, market turmoil to hurt Asian growth

  • International Monetary Fund warns trade friction, market turmoil to hurt Asian growth

International Monetary Fund warns trade friction, market turmoil to hurt Asian growth

"Nations face ups and downs, go through hard times, and I can assure you that in six months time, you will look back and say this was nothing", he added.

Lagarde said she would meet Pakistani officials on Thursday, with expectations that Islamabad will request a bailout over a looming balance-of-payments crisis, with Prime Minister Imran Khan saying this week his country needs $10-12 billion.

Shares will not trade while the group conducts a full investigation. Cambodia's Prime Minister Hun Sen, Brunei Sultan Hassanal Bolkiah, Thailand's Prime Minister Prayut Chan-ocha, World Bank President Jim Yong Kim, Singapore's Prime Minister Lee Hsien Loong, Indonesia's President Joko Widodo, United Nations Secretary General Antonio Guterres, IMF Managing Director Christine Lagarde, Vietnam's Prime Minister Nguyen Xuan Phuc, Philippines President Rodrigo Duterte.

The G24 statement, issued on the sidelines of the meetings, said all emerging markets were "adversely affected" by excessive capital flow volatility.

With much of the U.S.

Citing the U.S. tariffs on China and Beijing's retaliatory measures, as well as U.S. President Donald Trump's plan to impose global automobile and parts tariffs, International Monetary Fund chief economist Maurice Obstfeld said he regards "further disruption in trade policies" as major near-term downside risks. "At least we should know where those loans went", he said while while chairing a meeting of his Cabinet.

Conditions in Europe and other major advanced economies have also remained "relatively easy", although investors have pushed back their expectations for the European Central Bank to lift interest rates, the report said.

The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks.

That would include boosting foreign currency reserves that could be used in a crisis, as well as working with local bond markets to build a local investor base, rather than relying on financing from overseas.

Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals. Against a basket of currencies, the yuan has depreciated less.

"In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country", she said.

The yuan currency CNY=CFXS lost over 8 percent between March and August at the height of market worries, though it has since pared losses as authorities stepped up support measures.

Imran Khan said the construction industry was one of the most important sectors of the economy as over 40 other industries were related to it and added it was vital for reviving economic activity and employment generation.

"We will get out of this".

Pakistan Prime Minister Imran Khan on Wednesday assured the countrymen that his government would seek assistance from both friendly countries and the International Monetary Fund to overcome the balance of payments crisis.

The premier is now chairing a meeting of the federal cabinet during which important decisions pertaining to the country's economic situation and the bailout package from International Monetary Fund (IMF) are expected to be discussed.

Those risks were highlighted again early Thursday, when a 6.0-magnitude quake rattled parts of the islands of Java and Bali, including meeting venues and hotels.