Lagarde urges countries to settle trade disputes, cut debt

24 April, 2018, 03:11 | Author: Regina Lloyd
  • Low Revenue: India should implement GST Fully, says IMF

Irwin says that the USA and China "are not in a trade war yet, but there's a risk of a trade war".

US Treasury Secretary Steven Mnuchin said he's considering a trip to China, adding that he's "cautiously optimistic" of reaching an agreement that defuses a dispute over trade.

"A strong quota-based permanent resource base for the IMF would serve to strengthen the Global Financial Safety Net (GFSN) and mitigate risks to the worldwide monetary system", Patel said.

Dujovne, whose country is chairing the G20 this year, met reporters on Friday to summarise talks held as a prelude to the IMF-World Bank meetings.

The officials roundly criticized Trump's get-tough approach to trade, a reversal of seven decades of US support for increasing freedom in global commerce.

That's the springtime message from the International Monetary Fund (IMF) and the World Bank.

The IMF in the latest World Economic Outlook (WEO) has projected India to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019.

He also confirmed that the United States now supports a $13 billion capital increase for the World Bank in tandem with a set of reforms, including reducing lending to wealthier countries - a move widely seen as targeting China.




In recent weeks, however, both countries have hunkered down with neither moving forward on their threats as economists warn that a trade war would be a lose-lose scenario for both countries.

But some poor countries have increasing debts, too, which Lesetja Kganyago, South African Reserve Bank governor and chairman of of the International Monetary and Financial Committee, underlined on Saturday.

"We support the IMF's continued efforts to assist countries in dealing with the macroeconomic consequences of large refugee inflows", it said.

In a statement to the IMF's steering committee, which meets on Saturday, Mnuchin said countries which have large and persistent external surpluses must do more to carry their share of the adjustment.

"The window of opportunity remains open and should be used expeditiously to advance policies and reforms that sustain the current upswing, enhance resilience, and raise medium-term growth for the benefit of all", it said.

However, it noted that "rising financial vulnerabilities, increasing trade and geopolitical tensions, and historically high global debt threaten global growth prospects". "They were trying to pacify the markets and prevent US stock prices from falling further", said Mei Xinyu, a senior research fellow of the Commerce Ministry's Chinese Academy of International Trade and Economic Cooperation. "Finance ministers (from around the world) are gathering together".

Theft of American intellectual property and technology has been a key irritant in the dispute with Beijing, which prompted President Donald Trump to announce steep tariffs on tens of billions of dollars' worth of Chinese goods, on top of last month's punitive duties on steel that were primarily targeted at China as well.

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