Trade war WARNING: Global economy would take 'SIGNIFICANT hit' if tensions escalate

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

"My recommendation is very simple: De-escalate, fix the system and don't break it because all countries have had the benefit of that legal framework for many years and it has served the global trade rather well", Ms Lagarde said at press conference during the IMF-World Bank meetings in Bali.

Stamp duties is something that can be looked at again, noting that even after boosting revenue side as government needs to improve on the spending side.

"We're seeing more and more countries, China included, let their currencies fluctuate", Ms. Lagarde said.

"Once governments understand the size and nature of public assets, they can start managing them more effectively", the International Monetary Fund said in the report.

"In the tax administration, to increase the compliance rate, something could be done to increase tax audit, use e-filing to greater extent, there is data matching exercise; generally try to reduce tax invasion, possibly corruption as well".

In a report titled, Gender, Technology and the Future Work, IMF said the development may widen the gender inequality gap that had attracted global dimension.

Yi, in a closed door meeting on Thursday with investment officials, explained that China's monetary policy was on an opposite rate cycle to that of the United States, which is tightening monetary policy due to a strong economy, two people who attended the meeting said. For example, volatility in the price of cryptocurrencies has raised concerns about investor protection, according to the paper.

The Deputy Director at the fund's Fiscal Affairs Department, Paolo Mauro, while speaking on Nigeria's revenue challenge, noted that while the priority of the country was increasing non-oil revenue, the ratio of interest payments, however, had continued to rise out of proportion.

"Owing to these changes, our global growth projections for both this year and next are downgraded to 3.7 per cent, 0.2 percentage point below our last assessments and the same rate achieved in 2017", the report said.

He added that debt in advanced economies, since the global financial crisis, has increased quite substantially while the private sector has been very gradually leveraging.

The trade war has already forced China to moderate its own tough campaign to crack down on excessive credit, initiated following growing warnings that it was sitting on a debt time bomb. "We will get out of this crisis".

Developed economies have refused to lift agriculture subsidies as demanded by developing countries in exchange for a reduction of import duties on industrial goods.

Rebuilding Fiscal Buffers It noted that public debt has increased in emerging markets over the past decade, and is projected to increase further in numerous largest economies over the next five years.

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