techkenyot.com
techkenyot.com October 16, 2018


Pakistan’s currency plunges as it seeks International Monetary Fund loan

11 October 2018, 01:46 | Hattie Nash

The Pakistani rupee has fallen by more than 20 percent in four devaluations since December

Pakistan to seek IMF bailout to overcome financial crisis

The fund's warning comes on the 10th anniversary of the collapse of Lehman Brothers, which plunged the world deeper into financial crisis and helped trigger the worst recession since the Great Depression.

It anxious that market players "appeared complacent" about the potential dangers which could be produced by a sudden, sharp tightening of conditions such as rising interest rates or declining access to capital.

"However, macroeconomic stability gains have been eroding, putting the outlook at risk".

"We are concerned about the downturn in economic growth", noted Jubilee USA Executive Director Eric LeCompte.

"We will be listening very, very attentively when and if they come to us", said Obstfeld.

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Congratulating the finance minister on assuming the office after recent elections in Pakistan, Indrawati reaffirmed Indonesia's desire to expand bilateral relations and assured her support to address the points raised by the Pakistani side. Markets in South Korea were closed for a national holiday. And, according to the International Monetary Fund, housing prices appear frothy in several advanced economies, including Australia and Canada as well as Nordic nations.

If pressures on emerging market economies were to broaden and intensify, financial stability risks would increase significantly, he said.

But markets have been on edge of late. Wall Street was set for a drop.

Former cricketer Imran Khan's new administration took office in August vowing to weigh up whether to seek an International Monetary Fund bailout to stabilise its economy as it sought other avenues of financing, as analysts warned the looming crisis was becoming more urgent.

Several emerging markets had their forecasts cut, including Argentina, Brazil, Iran and Turkey, reflecting factors including tighter credit.

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

The growth rate of United States for 2018 is 2.9 per cent and that of 2019 has been powered to 2.5 per cent. "In adverse scenarios, that can be an abrupt reversal of flows".

But China's involvement could also bring potential risks, he said.

Banks have increased their capital and liquidity buffers since the crisis, but they remain exposed to highly indebted companies, households, and sovereigns; to their holdings of opaque and illiquid assets; or to their use of foreign currency funding, it said.

The IMF notes that the market impact of escalating trade disputes has been limited to specific sectors.

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The risk of a global financial crisis initiated by sharp capital outflows in emerging markets due to the divergence of monetary policies in the U.S. and developing countries remains small but will grow as the Federal Reserve continues to raise its interest rates, as it is expected to do this year and next.



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