Pakistan formally asks the International Monetary Fund for a bailout package

Finance Minister Asad Minister briefed Prime Minister Imran Khan on the potential bailout package

Finance Minister Asad Minister briefed Prime Minister Imran Khan on the potential bailout package

Lagarde told reporters Thursday at the annual meeting of the International Monetary Fund and World Bank in Bali, Indonesia, that so far there had been no "contagion" of major damage from penalty tariffs imposed by the two countries on each other's exports, but that they do risk hurting "innocent bystanders".

He did not specify how much in emergency financing the government would seek, but he had earlier said the government would need at least $8 billion to meet external debt payments through the end of the year.

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, partly due to the heated global trade tensions as well as rapidly rising dollar yields. "We do have instruments to actually measure the external-sector situation, and we hope that the recommendations that we have given to China, in terms of letting the currency fluctuate, will continue to be approved and agreed and implemented by China".

"It will be detrimental on both accounts for all participants".

"And there would also be lots of innocent bystanders".

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In a press conference at the White House on Tuesday, President Trump said "China wants to make a deal and ... they're not ready yet", adding that is a reason his administration has canceled a couple of meetings with Beijing.

Finance minister Asad Umar, who is attending the fund's annual meeting in Bali this week, announced late Monday that the government had made a decision to begin talks with the IMF for a "stabilization recovery program".

An IMF staff member said she would discuss the issue and bring it to the "highest levels". India's economy grew 6.7 per cent in FY18. Beijing has answered with taxes on $110 billion worth of US exports.

The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks. Against a basket of currencies, the yuan has depreciated less.

In September, the global trade governing body, which covers around 98 per cent of commerce worldwide, trimmed global trade growth to 3.9 per cent this year, from the 4.4 per cent it estimated in April.

International Monetary Fund says Pakistan has not asked it for a bailout so far
The Trump administration has penalized almost half of all imports from China and has threatened more for the other half. It left 2018 growth forecasts for the two countries unchanged at 2.9 percent for the USA and 6.6 percent for China.

"Trade tensions have emerged, and a further escalation may damage market sentiment and significantly harm global growth", it said.

So, the country's debt is substantially less than the global debt as percentage of world GDP.

After the global financial crisis, we see a role reversal, with fast increases in public debt.

The value of Chinese loans given to Pakistan over the last 13 months is close to the US$6.2 billion the International Monetary Fund lent it during the last bailout, according to a Bloomberg report in August.

The IMF warned Beijing not to completely shelve the debt clean-up and other regulatory reforms, saying that could "encourage risk-taking, leading to a further buildup of financial vulnerabilities".

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The IMF releases its annual WEO ahead of its meeting with the World Bank.

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