International Monetary Fund communiqué: Trade, debt seen as threats to global growth

Low Revenue: India should implement GST Fully, says IMF

Low Revenue: India should implement GST Fully, says IMF

China's economic fundamentals are strong and it has sufficient policy tools to guard against systemic risks, central bank governor Yi Gang said, as the International Monetary Fund cautioned that the world economy is under threat from trade tensions and heavy debt burdens.

The Commerce Ministry in Beijing said Sunday that China welcomes a visit from the U.S.to Beijing to discuss trade issues and confirms it has "received information" regarding Washington's interest in such a trip.

A trade war would be disastrous for global economies as well; these have only now started to show sustained growth following the global financial crisis on the back of the sub-prime mortgage crisis in the US.

Still, he said the USA would continue to exert its "maximum pressure" campaign until the rogue regime abandons its nuclear weapons program in a proven way.

The International Monetary Fund and the World Bank repeatedly warned at their meetings this week that intensifying trade tensions could jeopardize a healthy global economic expansion.

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.

"The discussions were really around the governor's actions at the PBOC and certain actions they've announced in terms of opening their markets, which we very much encourage and appreciate", Mr Mnuchin said, referring to the People's Bank of China.

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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.

By reducing debt now, she said, countries would have more room to ramp up spending or cut taxes to combat the next recession.

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

Tensions between the world's two largest economies have cast a shadow over the gathering of finance ministers in Washington, with concerns that a trade war could undercut the global recovery. "They will discuss this issue", she said.

"We support further efforts to address the withdrawal of correspondent banking relationships and its adverse consequences, including on remittances, trade flows, and financial inclusion".

"We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries".

Mnuchin insisted Thursday that the administration's imposition of tariffs on steel and aluminum imports and its consideration of penalty tariffs on up to $150 billion of Chinese imports were part of a strategy to level the playing field on trade and reduce America's huge trade deficits with China and other nations.

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