Fix trade, don’t destroy it: IMF chief

Source: The Hitavada      Date: 11 Oct 2018 08:58:18


 

BALI,

Finance Ministers and central bankers from many of the IMF’s 189 member nations to meet in Bali this week


INTERNATIONAL Monetary Fund chief Christine Lagarde has called on world leaders to fix global trade systems instead of trying to tear them down in a rebuke to nationalist politicians pushing tariffs and protectionism.


“We need to work together to de-escalate and resolve the current trade disputes,” Lagarde said at the IMF and World Bank gathering in Bali. “We need to join hands to fix the current trade system not destroy it,” she added on Monday.
Finance Ministers and central bankers from many of the IMF’s 189 member nations are meeting in Bali this week where concerns about protectionism have taken centre stage - especially the escalating trade war between the United States and China.


Lagarde said she remained optimistic that disputes between nations could be  ironed out, citing the Trump administration’s recent successful renegotiation of the NAFTA agreement between the US, Canada and Mexico.
“It’s tempting to be a bit depressed about this perspective but I’m actually hopeful because there is a clear appetite to improve and expand trade,” she said.

 

‘India’s debt percentage less than global debt’


WASHINGTON,

INDIA’S debt is lower than the best or emerging market economies in the world, a top IMF official has said as he cautioned that the global debt has reached a new record high of USD 182 trillion in 2017. Vitor Gasper, International Monetary Fund (IMF) Director of Fiscal Affairs Department, said India’s debt was substantially less than the global debt as percentage of world Gross Domestic Product (GDP).


In India, private debt in 2017 was 54.5 per cent of the GDP and the general government debt was 70.4 per cent of the GDP, a total debt of about 125 of the GDP, according to the latest IMF figures. In comparison, debt of China was 247 per cent of the GDP. “So, it (India’s debt) is substantially less than the global debt as percentage of world GDP,” Gasper told PTI.