Global debt levels reached a record $182 trillion in 2017, says International Monetary Fund

Pakistan to seek IMF bailout to overcome financial crisis

The IMF announced it had reduced its outlook on the global economy to a 3.7% growth rate for this year and next, down 0.2% from what it had originally predicted in July.

Maurice Obstfeld, the IMF's chief economist, said at a media briefing about the fund's latest World Economic Outlook: "When you have the world's two largest economies at odds, that's a situation where everyone suffers". For 2018/19, the real economic growth was expected to moderate, but still, the International Monetary Fund expected Iran's economy to grow by 4 percent in 2018/19, forecasting stable oil production in line with the OPEC cap on Iran's production.

Lagarde's comments came as a global market sell-off rolled on following Trump's comments, underscoring rising financial volatility that the International Monetary Fund will address at its annual meetings this week in Bali.

"The government has chose to do both", he said while addressing a ceremony to launch Naya Pakistan Housing Programme, a flagship project of his government to build 5 million houses in five years for low income people.

India hopes to secure a waiver from USA sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday...

The government is seeking to curb spending, while the central bank has raised interest rates to the highest in three years to help shore up confidence in the economy.

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The report said trade tensions and the associated rise in policy uncertainty "could dent business and financial market sentiment, trigger financial market volatility, and slow investment and trade".

Under the 2015 Act, China only meets one of the three criteria for currency manipulation, namely that a country runs a significant bilateral trade surplus with the United States of at least US$20 billion.

The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession. "This is the United States trying stop China's growth - it's a awful idea", Sachs, director of the Center for Sustainable Development at Columbia University, told a seminar in Bali. The IMF has also revised down its forecast for Indonesia's growth.

Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign.

The Treasury's currency report will be released just a few weeks after the USA currency manipulation guidelines were included in the new United States-Mexico-Canada Agreement.

The exercise assumes that US President Donald Trump imposes tariffs on the remaining $267 billion worth of Chinese goods imports not already under punitive tariffs and China retaliates in kind.

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