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

The IMF's analysis suggests that there is a 5 per cent probability, emerging market economies (excluding China) could face debt portfolio outflows of US$100 billion or more over a period of four quarters (equivalent to 0.6 per cent of their combined GDP), broadly similar in magnitude to the Global Financial Crisis.

Pakistani currency is under pressure since December past year.

But the International Monetary Fund is likely to demand painful structural reforms that would clash with the political agenda of new Prime Minister Imran Khan, who on the campaign trail vowed to build an Islamic welfare state.

Pakistan Prime Minister Imran Khan on Wednesday assured the countrymen that his government would seek assistance from both friendly countries and the International Monetary Fund to overcome the balance of payments crisis. On Monday, the currency was trading at 128 per US dollar on the open market and 124.20 in the official interbank rate.

So let me try flesh out what the IMF might think but dares not say because it is the political captive of Washington, Beijing, and the defenders of Europe's monetary union.

"There is quite a bit of debt that is going to come due, so there will be rollover, and hopefully worldwide capital markets will allow that rollover in a smooth fashion", Adrian said.

The IMF as usual urged emerging economies to accelerate structural reform measures to strengthen their economic fundamentals in the long term.

US Senators trigger probe into journalist disappearance
While Riyadh claimed he had left the consulate after his visit, Turkish police said Khashoggi did not emerge from the building. News of Saudi Arabia orchestrating the assassination of Khashoggi has put further pressure on its ally the USA to take action.

Figures from the Central Bank of Nigeria website revealed that gross foreign reserves level dropped from $45.3 billion on September 10, 2018, to $43.6 billion on October 8.

A raising of United States interest rates has also helped send emerging market currencies into a tail spin, as countries that borrowed heavily in dollars race to pay back their debt.

"US growth will decline once parts of its fiscal stimulus go into reverse", Mr Obstfeld said in a statement.

"The financial regulatory reform agenda should be completed, and a rollback of reforms should be avoided", the Fund said.

He said the talks would be held for "such a programme, a stabilisation, a recovery programme, on which basis we could overcome this financial crisis".

"The government has made a decision 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.

The Fund cited a number of other near-term risks to financial stability including the possibility of a "no-deal" Brexit or renewed fiscal policy concerns in some highly indebted euro area countries.

However the U.S., one of the IMF's biggest donors, has raised fears Pakistan could use any bailout money to repay mounting loans from China, sparking criticism from Islamabad.


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